Closing balance for reconciled account is incorrect

[Roanne_AMA]

Hello

Last month we have decided to go online with our company files.  Our credit card statement was reconciled up to the 14th April 2015.  I tried to reconcile the May statement today and noticed that the closing balance is now incorrect.  I have gone back to all Reconciliation Report on the online file and compared it to the Reconciliation Report we have printed before going online and they are all different for all the months reconciled.  I have attached two files showing the report when we reconciled it and what it is generating now.  Could this be another case of a corrupt company file.  Please help!  Also. when I generate a reconciliation report, it shows same date of 14 April 2015 as last reconciled date for all statements which is odd.

[Dee-Workman]

Hi @Roanne_AMA

I would go back to the previous bank rec and check the balances on that first.  It maybe that a transaction has been changed/reversed or added.  You will be able to check if it is correct if the expected balance on statement agrees with your bank statement.  If not, you will have to run through your transactions from your statement and compare to the bank rec report to find what is different.  If you print your bank recs it will be easy to check your printed bank rec against the one recorded in MYOB.

[Roanne_AMA]

Hi Dee

That was the first thing I did as I thought someone would have deleted a transaction but on comparing transactions they are the same except for the closing balance which was incorrect from the very first bank statement that was reconciled.  The printed reconciliation reports has the correct closing balance but if i generate the same report within the online file it is different.

[KattC]

Hello @Roanne_AMA

Thank you for the excellent advice from Dee, just to follow on did you upgrade from V19.X? If you did can you open the file in this version Optimise and verify the company file then go through the upgrade path again.

Once you have done this can you check the reconciliation again does it still show an out of balance? 

Can you run through this support note on - Out Of Balance Bank Reconciliations.

Looking forward to your update.

Kind regards,

Kat 

Client Support 

[Roanne_AMA]

Hi Kat

Yes we did upgrade from Premier v19.10 to the online version.  How do I actually open the online company file in Premier to be able to optimise and verify.  I tried to backup the online file and open with Premier but it wouldnt recognize it as a Premier Account right file (.myox file extension)

Please advise how I can optimise and verify the online file.

Thanks,

Roanne

[Steven_M]

Hi @Roanne_AMA

The AccountRight 201x version doesn't have the option for optimising and verifying the company file. This is due to a change in database structure to be a more morden structure, the need to verify and optimise the company file is no longer required.

In terms of your enquiry, if you go to Banking>>Reconcile Accounts>>Select that particular account>>Enter in the Last Reconcile Date in the Bank Statement Date and enter in the ending balance of the statement date in the Closing Statement Balance, does it show an Out of Balance? 

[Roanne_AMA]

Hi @Steven_M

Yes, when I put in the last reconciled date and the closing balance there is an amount coming up as out of balance which there shouldnt.  I have checked to make sure that there wasnt any transactions that was deleted or changed and there wasnt that is why Im at a loss why suddenly it is Out of Balance

Roanne

[Steven_M · Accepted solution]

Hi @Roanne_AMA

If the account was reconciled then in theory there would be no out of balance. As it now has an out of balance something that has changed in relation to that account. Basically there are 2 things that would be cause an out of balance on a previous reconciliation balance, either the opening balance of an account has changed or previously reconciled transaction has changed. 

To check the opening balance of the account hasn't change go to Setup>>Balances>>Account opening balances and check the account balance for that particular account in version 19 and in the upgraded file. These should be the same balance.

You could then go to Find Transactions>>Select the Account tab>>Select that particular account and a suitable date range. Check the Net Change in the same in both files for the same period. Please bear in mind that this would not indicate if a previously reconciled transaction was deleted and then reentered.

[opals]

Hi Steven

I have had the same issue that has been described in this post by Roxanne.

I can guarantee that neither the opening balance or ANY of the transactions had been tampered with.

Last week an account that had been reconciled to 11 June 2015 "lost" two transactions of $20,000 total from the previous year.  

I am the only person with access to the data file and I definitely, between 11 June and today, did not delete these transactions as they were from another financial year.   I know how it sounds, because until this week I would have said it was impossible to do.  I have been running Account Right since 2012 and have regretted upgrading from V19 since.  It’s really buggy software but this is now almost impossible to work with.

I’ve decided to either go back to V19 or find an alternative altogether at 30 June.

Cheers Sarah

[Roanne_AMA]

Thanks @Steven_M  I checked the opening balance and the cause of this Out of Balance amount is that the opening balance had been changed to $0.00.  Thank you for your help.

Roanne