Bank Feeds And Account Right Don't Balance

[Kelly81]

I have just done my first month with bank feeds and have gone to approve / match all transactions.

All transactions match fine but both the bank feeds screen and the reconcile screen says the account right balance is out by 615.00

I printed off the reconciliation report and have checked off all the transactions and they match exactly to what came from bank feeds.

How can I find out where this hidden difference is?

Thanks.

[CloudMindAcc · Accepted solution]

Hi Kelly81

If you are processing the bank feeds in a new file for the first time (i.e. never done a manual bank reconciliation), I would locate your physical bank statement for the same period/month and compare the start date of the bank feeds i.e. first date the bank feeds come into your file.  It could be that you need to manually reconcile some transactions prior to the bank feeds starting.    

OR

If you use to do the bank reconciliation manually I would get out your last bank reconciliation and bank statement when you did the bank reconciliations manually and make sure the reconciliations still balances to your file (in case a transaction has been changed in your file).

Also check to make sure that a transactions that was balanced on your last bank reconciliations has not been doubled up.   It could be that you have already reconciled some transactions manually that have now come over in your bank feeds.    Look at the transactions for the date the bank feeds first start to see if you can locate any double ups.

If you right click on the bank feeds (that might have already been reconciled previously) you can hide them

You will have to go back into the bank register and delete them if they are double ups.

OR

If all else fails go into the bank reconciliation screen and untick the transactions and tick them off against your bank statement.    (I know the point of the bank feeds is to NOT do this but I find new users of bank feeds can get it all very confused to begin with and I have had to resort to this to clean it up and find the discrepancy and it is normally a double up in a transaction that causes the issue).

Hopefully this helps you in some regard

Renae

[Kelly81]

I managed to sort it out but I still don't know what caused it as I never changed any transactions.

Very odd indeed.

[WilliamsGarage]

When I first set up bank feeds I had a customer pay for both their account and their daughters in the one transaction using Direct Debit. As I was unable to match these to two seperate invoices I had to reconcile that month manually and now the bank balance according to bank feeds is incorrect and I also have transactions that keep getting listed as I didn't match them.

Any suggestions on how to clean up the bank feeds and bring it back into balance?

[KattC]

Hello @WilliamsGarage

Welcome to the MYOB Community Forum, I hope you find the solutions to your enquiries and many more helpful suggestions.

When you have a transaction like this you need to right click on the transaction in your bank feeds screen and select "Hide" once you have done this go into the Banking>>Reconcile Accounts>>Enter in the bank account and the date the statement is for>>Manually Select these Transactions.

If you have not done a receive payment on these invoices you will need to do this before you follow the above steps.

If you need any more assistance please do repost.

Kind regards,

Kat

Client Support 

[Kelly81]

Hello @WilliamsGarage,

You are able to hide transaction in bank feeds.

That might be the solution for you.

Kind Regards,

Carlisa

[WilliamsGarage]

Thankyou,

Hiding the transactions solved part of the problem. However, the bank balance doesn't match anymore since having to reconcile manually. Is there a way to edit this?

Cheers

Vanessa

[Kelly81]

Hello @WilliamsGarage,

Sorry, not quite sure I follow what you are asking.

I would probably suggest re-reviewing the earlier posts on this thread and see if that helps you.

It doesn't matter whether how you reconcile or whether you have hidden transactions you should be able to get the two to match.

You might find you have ended up with duplicating some transactions which could be why it doesn't match.

Kind Regards,

Carlisa