GL is showing correct balance for Bank Account however, Bank Rec is out by $3047.95

Hi Katie28,

 

Thanks for your post, and welcome to the Community Forum. I hope you find plenty of helpful information.

 

My apologies for the late response. I understand your concern about your unbalanced bank reconciliation. We appreciate your patience and for reaching out regarding this. It seems like you're experiencing a discrepancy between your ledger and bank reconciliation balances. This can occur due to various reasons, such as unallocated transactions or transactions still in transit.

 

One possible reason could be cash deposits that are still in transit. These transactions can cause discrepancies on your bank reconciliation because they show up on your ledger but not on your bank statement. High-volume accounts might have a large number of transactions constantly in transit, so care will have to be taken to ensure the transactions are tracked accurately in your system.

 

Another possible reason could be unallocated transactions. In some cases, if a transaction has not been allocated and is reconciled, it needs to appear on the balance sheet. If this isn’t done, it could cause a mismatch in the balances. I would recommend going through your transactions carefully to ensure they are all accounted for correctly. To identify and resolve unallocated transactions in MYOB, you can follow these steps:

 

• Identifying Unallocated Transactions: Unallocated transactions are those that have not been assigned to a specific account. They can be found in the bank transactions list in MYOB. Look for transactions with the status "Allocate me," "Possible invoice match found," or "Possible bill match found." These are transactions that have not been allocated to a specific account.
• Resolving Unallocated Transactions: Once you've identified unallocated transactions, you can resolve them by allocating them to the correct account. Here's how:

a. Click on the unallocated transaction to open it.

b. In the transaction details, you should see an option to allocate the transaction to an account. Select the appropriate account from the drop-down list.

c. Save the transaction. It should now be allocated to the selected account and will no longer appear as unallocated.

• Reconciliation: After allocating all unallocated transactions, you can proceed with your reconciliation. If you include unallocated transactions in your reconciliation, it will update the account balance. You will then see another column showing the account allocation.

 

Please note that any transaction that has not been allocated, if reconciled, also needs to appear on the balance sheet. As this isn’t done in New Essentials, you would need to record a transaction and create the relevant Allocate Me accounts.

 

Let me know if you're still having trouble with unallocated transactions after going through the checking recommended.

 

 

Kind regards,

Shella