Reconciling Bank Statement

[Arebelle]

On 5 November I reconciled my cheque account to 31.10.15 and printed off a reconciliation report.   Everything matched up with the bank statement, including the closing balance.

This week I tried to reconcile my cheque account to 30.11.15.  My total deposits and withdrawls match the bank statement, but the final balance is out by $113.69.

I checked my backup files and looked at the reconcilation reports.  On the 30.11.15 back up, the reconciliation report balanced perfectly.  On the next back up file on 8.12.15, the balance was out by $113.69.  I did transaction reports from each back up file for 1.10 - 31.10 and compared them, but  I couldn't find any explanation for the $113.69.

I don't know what else to do.  Can anyone help?

Thanks,

Melody

[Marilyn]

Hi Melody,

Hope I can help a little.  Glad you printed off the bank reconciliation report as this will make things easier.

What we are going to do now is try and find where the change has taken place

Get out your statements with the reconciliation reports attached

Now

Go to Reports

Banking

Reconciliation Reports

Run the Report now your in the report

Under Filter tab

Choose Select by Statement Date

Choose the last date and display

Ensure that the debit and credit totals match if do go to the next statement date and display

Eventually you will find that one of the totals do not match what you have on your printed reconciliation report and you should be able to see what has been changed.

If something has been deleted put it back in so you can reconcile again.

I hope that the above makes sense to you

Cheers

[gavin12345]

Hi @Arebelle

Hopefully response by @Marilyn will help you identify what went wrong. This approach is based on the possibility a user has changed (edited or deleted) a previous transaction. 

If that fails to resolve the issue for you, I would suggest you generate a Balance Sheet as at the end of the next financial year, and check if Net Assets equals Equity. The reason I suggest this is because sometimes a reconciliation discrepancy as you have described can also be caused by a bug in the software. The Net Assets to Equity check will help work out if this is a user error or a program error. If Net Assets does not equal Equity on the Balance Sheet, you may need to refer the file to MYOB. For more information about this bug, have a look here <link removed by mod.>.

The link referred to bank reconciliation problems caused by recurring transactions, specifically automatically generated recurring transactions. Some users have experienced duplicate automatically recorded recurring transactions, which caused their bank reconciliation to be out of balance, as well as their accounts - which can be identified by comparing Net Assets with Equity on the latest possible Balance Sheet.

Regards

Gavin

[Arebelle]

Thanks, Marilyn.

I've done this and my deposits and withdrawls match all the way back to point dot.

[Arebelle]

Thanks, Gavin.  

I will give this a try.

Melody

[Steven_M]

Hi @Arebelle

How did you get on with that Reconciliation? Do you still need some assistance? Personally I would be taking a look at Help Article: Resolving out of balance bank reconciliation as your first port of call, it has some fantastic information in regards to finding and resolving that out of balance.