Unable to reconcile due to -$0.01 out of balance

melodyehoward
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Unable to reconcile due to -$0.01 out of balance

Hello,

 

My closing statement balance matches the calculated statement balance to the cent, but i am unable to reconcile because I am out of balance by -$0.01. No matter how I try and balance it, it just keeps sitting there either CR or Dr depending on my attempts to balance. This entry goes back to 2015.

 

This payroll clearing account has never been reconciled and since gaining access to it i have tried to reconcile it but unfortunately to no avail.

 

How do I fix this?

Has anyone found a solution?

 

Thanks, Mel

1 REPLY 1
Steven_M
MYOB Moderator
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MYOB Moderator
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MYOB Moderator

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Re: Unable to reconcile due to -$0.01 out of balance

Hi @melodyehoward 

 

From my understanding, this particular situation is caused by the rounding of values and typically occurs on bank accounts where payroll transactions have been used.  It should also be noted that a resolution to this issue was placed into the AccountRight 2015.4 release. However, company files that were using that older versions may still encounter that error.

 

As the error is mostly due to payroll transactions, the old workaround was to delete the payroll transactions and then redo them overtyping the amounts prior to recording. However, I feel that you probably will not be able to delete those transactions, with the system only giving you the reverse option - pays most likely lodged via STO to the ATO which is preventing that deletion. Reversing those transactions is probably going to create more of a problem with that reconciliation and potentially with that 1 cent. 

In saying that, if you would like to provide the following information I would be happy to see if we can investigate a potential other solution for you:

  • Confirmation that in the Reconcile Accounts window, the New Statement Balance matches the Calculated Statement Balance but you still have an out of balance of $0.01?
  • What version of the software you are using? - Help>>About AccountRight
  • The bank account number you are trying to reconcile.
  • The reconciliation date.
  • The new statement balance amount.

Kind regards,
Steven

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