Bank Reconciliation out of balance

Hi Mathilda,

Thank you for your post.

Regarding the wages paid on the 21st, it seems like the total amount of $13,151.60 isn't reflected correctly in your bank account balance. We'll need to investigate why this discrepancy exists. It's possible that there might be missing or duplicate transactions causing the imbalance. The first thing you should check is the linked account within the transactions. You can recap the transactions to see the linked account.

As for the separate payment of $937.92 to "Debra," it is indeed puzzling, especially if her wage was already included in the total wage amount paid. It's essential to figure out why this entry appears separately on your MYOB bank statement. Reversing the transaction as per payroll reporting requirements is necessary. However, you need to ensure that this will not affect your payroll reports.

For more information, please check Fixing out-of-balance bank reconciliations.

Feel free to respond if you need further assistance.

Cheers,

Princess

Hi Mathilda,

Thanks for your response. It's key to really understanding the linked account issue, so take the time you need for your research. Checking the setup of the payroll linked accounts in Manage linked accounts is a smart move. Also, I see the screenshot of Debra's unreported single transaction. If it's not reported, you're free to delete the transactions. Just make sure this won't affect your payroll reports.

Feel free to post again anytime you require further assistance.

If my response has answered your inquiry, please click "Accept as Solution" to help other users find this.

Kind regards,

Shella