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NJ818's avatar
NJ818
3 months ago
Solved

Unknown Calculated bank closing balance

Hi 

I have just taken over a business which has not been maintained well.

No bank reconciliation has ever been done, from when the business starts in April 2018.  When I tried to do the bank reconciliation, I keep coming back to an out of balance amount of $5,276.  I went back to 1/1/2018 when the business has not yet started, and I expect it should have shown a nil calculated closing balance.  But as per image below, it is showing the same out of balance of $5,276.   

What could be the reason for this?   I did note that current FY in the business settings is 2021.  Could this be the cause of the out of balance?  

Thank you for the help!

 

 

  • Genreve_S's avatar
    Genreve_S
    3 months ago

    Hi NJ818, 

     

    Thanks for the additional information. There are likely hidden transactions in this window. I recommend trying the fix mentioned in this thread, as it should reveal some information in your reconciliation window. If you continue to have the same issue after following those steps, it may be time to reach out to the support team. You can do this by creating a support ticket from MyAccount or live chat through MOCA.

     

    Regards,

    Genreve

3 Replies

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    3 months ago

    Hi NJ818, 

     

    There are a few things that can affect the calculated closing balance. The previous reconciliation amount, all the transactions that are marked as checked in the reconcile accounts window, and the opening balance of the bank account on the conversion date. I recommend verifying the opening balance of the bank account you are trying to reconcile as it's likely the latter. You can read through this link for more information on how to do this. 

     

    Regards,
    Genreve

  • NJ818's avatar
    NJ818
    3 months ago

    Hi Genreve

    Thank you for your response.  As per my earlier note, no reconciliation has ever been performed for this bank account.  I have also checked the opening balance - it is nil.

     

    Regards

    Nan

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    3 months ago

    Hi NJ818, 

     

    Thanks for the additional information. There are likely hidden transactions in this window. I recommend trying the fix mentioned in this thread, as it should reveal some information in your reconciliation window. If you continue to have the same issue after following those steps, it may be time to reach out to the support team. You can do this by creating a support ticket from MyAccount or live chat through MOCA.

     

    Regards,

    Genreve

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