Hello, I have never used the MYOB bank reconciliation feature... I always do a bank reconciliation, but do it manually (i.e. check MYOB closing balance to ANZ closing balance). However, now we need to provide the MYOB reconciled accounts to our bank for a credit card application, and I don't know where to start. The business started in 2014, do I have to go back to then or is there another way? Thanks for any advice.
Hi sharrison1
You haven't stated which version you are using but generally you can go into the Banking module, choose Reconcile accounts and then you can choose the relevant bank account at the top and there are fields to enter for the date you are reconciling to and the balance as at that date. There is a little box at the top left near the date that allows you to select (tick) all or un-select (un-tick) all by clicking on it and if the balance agrees to your closing balance you will be able to reconcile the account. Sometimes you may need to select individual transactions to un-select because of delays in presenting as at your closing date in order to reconcile for that date. I suggest you go by financial year and reconcile each year and print the reports each time.
The reconcile function can also be used to reconcile clearing accounts such as super liability, etc so it's pretty handy.
Cheers
Liz
Hi Liz, thank you for your reply. We are using MYOB Business Pro.
Because I have never done a MYOB bank reconciliation, there is no date field to start from, it simply says:
"Date last reconciled Never" and then I can edit the Statement Date to 30/9/25 (which is the last period that we have completed for this financial year).
The "Calculated closing balance" does not agree to my Balance Sheet's Cheque account closing balance for 30/9/25, and it is out by about $4k. But the transactions go back to 2014, so I don't really know where to start. I was hoping I could draw a line in the sand sometime in the last year and then just move forward from there, doing the proper MYOB bank reconciliations from that date forward.
Hi sharrison1
You don't need to enter an opening date, just the closing date. You said you reconciled manually but now say you are out by about $4K. You should probably check with an accountant as to the best date and coding for a journal (e.g. maybe 01/07/2024 if 2025 financials aren't finalised) to force the reconciliation to agree and then work though the periods to current. Once you do regular reconciliations, you should be able to easily choose a date and assuming no missing entries or double ups, it should reconcile. If it doesn't, then enter an earlier date to reconcile to and keep checking the entries to the bank statement until you find the error.
Cheers
Liz
Hi Sharrison
Not sure how you can fix if you have previous years closed and locked.
If you have not closed them or locked them it will be easier. If not, you will have to unlock previous years. Not sure if it can be done if year closed though.
Eg:
Put in date 30.06.2014 in reconciliation and put amount on your Statement in money field and it will reconcile the whole year and show you if you balance or not. Anything unticked is not reconciled.
If everything locked try and do last year, put 30.06.2024 and the amount on bank statement in bank for that date. Or you can go month by month by putting last day of every month in there and amount on bank statement every month. If rec doesn't balance you will have to tick off bank statement, see where it doesn't match.
If you receive money from MYOB for card payments online, I feel for you as the dates don't always match in bank account to when MYOB say they paid it which is painful. If this happens do 2 months rec together.
Hope I have not confused you.
Good luck!
