Calculated Statement Balance is incorrect from the very beginning

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GA39
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Calculated Statement Balance is incorrect from the very beginning

Previously I reconcil my bank account every month without problems.

Now it comes to my attention that the bank reconciliation doesn't make any sense.

I have undo reconciliation to the very beginning & the calculated statement balance is still not correct.

 

The opening balance I put is $905,404.07. When I go to the bank reconciliation tab, the calculated statement balance as of 01/07/2018 is out by $1,469.81. 

 

I didn't touch this account for a while now until last night.

Last night I realised there is a journal entry posted on 26/11/2020 amounting to $1,469.81 which doesn't have a description. I added in the description without change the date. Then the bank reconcilation doesn't make sense. Is the software has a bug? How do I fix this?

 

 

 

Opening balance.jpg
Opening balance 2.jpg
Opening balance 3.jpg
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Tracey_H
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Re: Calculated Statement Balance is incorrect from the very beginning

Hi @GA39 

 

Thanks for your post. Making changes to previously reconciled transactions can cause those transactions to become unreconciled. This means that you need to undo the previous reconciliations and then re-reconcile to include that transaction. 

 

The Closing statement balance needs to be the closing balance from your bank statement, not the opening balance, so I would check that you are entering the correct figure in that field.

 

This help article has detailed information to assist you: Resolving out of balance bank reconciliations

 

If you still have problems with this please do let me know.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
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GA39
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Re: Calculated Statement Balance is incorrect from the very beginning

@Tracey_H ,

 

I have undo all bank reconciliation to Day 1 of the file. The opening balance that I key in via "Set up-Balances-Account Opening Balances as of 01/07/2018" is $905,404.07. This figure should be the same as the reconciliation function when there is no transaction at all. However, it is already out of balance by $1,469.81 when there is no transaction on 02/07/2018.

Tracey_H
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Re: Calculated Statement Balance is incorrect from the very beginning

Hi @GA39 

 

The Closing Statement balance for your first reconciliation needs to be the closing bank balance on the day prior to your conversion month. So if your conversion month is 01/07/2018 you need to enter the closing balance from the bank statement on the 30/06/2018. Can I get you to confirm that the Closing statement balance figure is from your bank statement on the 30/6/2018?

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Tracey
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GA39
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Re: Calculated Statement Balance is incorrect from the very beginning

@Tracey_H the figures for both 30/06/2018 & 01/07/2018 are the same.

Tracey_H
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Re: Calculated Statement Balance is incorrect from the very beginning

Hi @GA39 

 

Thanks for confirming that. The calculated statement balance comes from the closing balance of the previous reconciliation, and any transactions that have been ticked in the Reconcile Accounts window. If you change the bank statement date to today's date do you have any ticked transactions? If you untick all transactions then change the date back to 01/07/2018 is the calculated statement balance correct?

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Tracey
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GA39
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Re: Calculated Statement Balance is incorrect from the very beginning

@Tracey_H If I change the bank statement date to today's date, I don't have any ticked transactions.

If I untick all transaction then change the date back to 01/07/2018, the calculated statement balance is still not correct.

Tracey_H
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Re: Calculated Statement Balance is incorrect from the very beginning

Hi @GA39 

 

Thanks for that. Can you please follow these steps to see if there is an issue with the calculated statement balance:

 

  1. On the Reconcile Accounts window:
    1. Enter the closing date of your latest bank statement in the Bank Statement Date field.
    2. Enter $0.00 in the Closing Statement Balance field.
    3. Select all transactions as cleared and take note of the Calculated Statement Balance .
  2. Go to Find Transactions > Accounts tab.
  3. Select the bank account you're trying to reconcile.
  4. Enter the closing date of your latest bank statement in both the Dated From and To fields.
  5. Press the TAB key on your keyboard and take note of the Ending Balance in the bottom-right of the screen.

The Ending Balance should be the same as the Calculated Statement Balance.

Cheers,
Tracey
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GA39
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Re: Calculated Statement Balance is incorrect from the very beginning

@Tracey_H Per below two screenshots, these two figures are not the same.

USD 01.png
USD 02.png
gavin12345
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Re: Calculated Statement Balance is incorrect from the very beginning

Hi @GA39 

 

I suggest you don't waste too much more time on this. In my opinion, based on seeing this several times before, there is a corruption in your file. Send it to MYOB to fix.

 

@Tracey_H  wrote : The calculated statement balance comes from the closing balance of the previous reconciliation, and any transactions that have been ticked in the Reconcile Accounts window.

 

This is incorrect. Something in the future has caused this issue. The 26/11/2020 transaction likely updated something it should not have, or didn't update something it should have. Try deleting and re-entering that transaction. (Make a backup first). If you get a Data Invalid error this confirms corruption.

 

Regards

Gavin

(gavinw222@gmail.com)

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