Forum Discussion

Contributing User

9 months ago

Help with reconciling simple bank account

Hi hope someone can point me in the right direction. I'm using Account Lite and cant get one of my bank statements to reconcile. They are fairly simple as I don't have many transactions on any of...

Princess_R

MYOB Moderator

9 months ago

Hi CLM20,

Let's check out a few things that might be messing with the closing statement balance! We need to figure out what's causing the discrepancies first.

Balance Check: Double-check the closing balance of your previous quarter's statement and make sure it matches your current quarter's opening balance. If there's a difference, it might mean you've got some missing or doubled transactions
Transaction Hunt: Look out for any missing, duplicated, or unmatched transactions. These could be throwing off your reconciliation process
Settings Review: Ensure all your bank account and transaction settings are correct. This includes making sure transactions are properly categorized and there are no unexpected defaults (like transactions going to the wrong categories)
Reconciliation Redo: Try undoing the last reconciliation and redoing it to see if that fixes the problem.

If these steps don't resolve the issue, it's probably best to contact our support team for a detailed check on your reconciliation issues. You can find all our support options on here.

Cheers,

Princess

CLM20
Contributing User
9 months ago
Thank you Princess, I did find the problem. An invoice had been added twice and to make it worse - it had been paid twice.
So in my ignorance, I deleted one of the payments but also un-reconciled the previous month (which had reconciled!).
Now of course I cant reconcile the previous month because the payment I deleted (which had been closed off) now does not show on the bank statement.

So all in all I think I have made a pretty good mess of it.

Any ideas?

So sorry - Carolyn
- Genreve_S
  MYOB Moderator
  9 months ago
  Hi CLM20,
  
  If you recorded two different payments, removing one to correct it shouldn't cause any issues. Here’s a good checklist to follow:
  
  Check if all transactions for that bank account's statement/bank feed match the transactions you have in the file.
  
  Make sure those transactions are correctly matched to the corresponding bank statement transactions in the bank transactions window (ensure they aren’t marked as checked in the bank transactions window or part of a previous reconciliation before doing this step).
  
  Reconcile your accounts normally by checking the bank statement transactions and ensuring they appear in the reconcile accounts window.
  
  Hope this helps!
  
  Regards,
  Genreve