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Bank reconciliation out 0.01c

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jenq6285
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Bank reconciliation out 0.01c

I am reconciling my bank statement and although my closing statement balance and calculated statement balance are the same it is saying I am out of balance 0.01c and therefore cannot reconcile.  Can anyone help with this one, thank you.

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Tallie_M
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Re: Bank reconciliation out 0.01c

Hi there @jenq6285,

 

Welcome to the MYOB Community Forum. We do hope you find it a valuable resource.

 

This particular error is caused by a payroll transaction that has 4 decimal places when rounding. If this transaction resides in the current payroll year, you are able to try deleting the pay and re-entering it, manually overtyping the amounts.

 

Should this not work for you, you would then be looking at having the file sent in for repair. I have sent you a private message regarding this - please do respond should this be something you would like to pursue.

Warm Regards,

Tallie

MYOB Client Support
jenq6285
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Re: Bank reconciliation out 0.01c

Hi Tallie

Thank you for your response I will have a go at modifying the payroll transactions as I do have pays with 4 decimal places. 

I will let you know how I go.

Kind regards

Jen

Julie_A_C
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Re: Bank reconciliation out 0.01c

If that doesn't work or you don't want to go through the whole process, write it off to bank fees.

 

Tax returns and BAS/IAS are rounded up or down to the dollar.

 

Same goes with payment summaries at year end, so if you have 1,000 employees during the year, the final payment summary figure, wages report and wages paid on the the P & L may be out a $1,000,

 

Easy explanation to the ATO and not worth the extra man hours paid to find the error.

 

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
Member Association of Accounting Technicians
ph: 0417 927 654 email: accuratebooks7@gmail.com
JAC' of All Trades Bookkeeping (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)


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