Bank Reconciliation and bank statement not matching GL report for EOM work

[JMorton]

Hi All, 

We have a new client who we have just picked up their MYOB file and have found that the bank rec matches the bank statement but the General ledger report has it out by $1015.30.

Does anyone know why this would happen? 

Client said this issue has been there 3+ years that he has been there. 

Thanks 

[ronatbas]

My first guess would be that there is a net of $1K of unreconciled stuff hanging on the bank rec. Have you set the date to date of last bank rec and see what is sitting in the history.

[Steven_M]

Hi @JMorton

To expand on @ronatbas's comments,  if you go to Banking>>Reconcile Accounts>>Select that particular account and enter in the Bank Statement date to be the last date of the General Ledger report, do you get transactions appearing in the "Mark All Transactions as Cleared" grid i.e the grid underneath the grey section? If so these would be the unreconciled transactions would be included in the balance of the account i.e. on the General Ledger but as they have not been reconciled they would be included in the reconciled balance of the account.

[JMorton]

@Steven_M

Thats my issue there are no outstanding payments waiting to be reconciled in that grey section. It really has me stumped! 

Thanks, 

Jess 

[JenJen]

Hi Jess

I have come across this problem in the past.  Check for any General Journals that have been posted way back by the accountant.  It is possibly a posting to bring back outstanding cheques at year end and should have been reversed in the new year.  Hope this helps.

Regards,

Jenny

[Andy_Robert]

It is unlikely that it will relate to a general journal that has been posted way back and not reversed, as that journal would appear on the Reconcile Account screen as unticked.  It is more than likely that a previously reconciled transaction or transactions have been subsequently deleted after the completion of the bank account reconciliation process.

I would tend to run each of the previous reconciliation reports (Reports>Banking tab>Reconciliation Report), compare the totals of the reconciled payments and deposits, plus match the closing balances to the bank statements, to ascertain where the difference(s) occurred.  Once you have identified when the differences occurred, you can remedy the issue.