End of year bank balances incorrect

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End of year bank balances incorrect

Hello, I have been using MYOB since February 2005 with 2 businesses over that time. somewhere along the way (many years ago) the bank account balances got way out of line and when it comes to the EOFY stuff I just tell the accountant & his bookkeeper the balances as at 30 June  (I make a note of the balance on the accounts on 30th June from our online banking) and they work out or end of year books from there. I don't think I've done a reconcilliation more than once in all those years and now want to get the accounts balanced so I can now do regular reconcilliations to keep things straight. How would I go about doing this?

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Re: End of year bank balances incorrect

Hi @BrendaKendall 

 

Thanks for your post. In this situation I would recommend speaking to your accountant about a general journal to clear the old transactions from the bank account, allowing you to reconcile moving forward. Your accountant should be able to give you the date, amount and allocation account for that general journal so that it is in line with their reports.

 

Please let me know if you need further help.

 

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

Cheers,
Tracey
Previously @bungy15

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Re: End of year bank balances incorrect

Thank you for  your reply. I will pass this information on to my accountant but I don't know if it will help at all or it could have been fixed a decade ago. I will probably just continue on how we have been going and still not do any full reconcilliations of our accounts.

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