journal entry showing in next financial year and now bank wont recon

[JodiR]

I had to roll back my FY as I have a few issues.  One of the issues is that I had an incorrect transaction and I have completed a journal entry to correct the transaction.  The problem is that the incorrect transaction is in the previous FY so it wont let me date the journal in that year.  If I date the journal entry in the next year, the transaction doesnt show up in the bank recon until the next year resulting in my previous year bank recons not balancing.  Please help!  I have so much work to do and have been stuck on this for 2 days!

[Mike_James]

Hi @JodiR, can you provide more details about the dates of the transactions, journals and financial years?

[JodiR]

Hi Mike, thank you for the reply.

The original incorrect transfer was done on the 7th Mar 13. I did a journal entry to debit the incorrect bank account and credit the correct bank account on the 1st of July 14. I'm now trying to reconcile the bank account in mar 13 but the journal only shows in the bank feeds in July 14

[Mike_James · Accepted solution]

Hi @JodiR, I presume your year end is June, and your current year in MYOB, after rolling back, is June 2014. You can't roll back another year, and I'm not sure why the year/s were closed before reconciling the bank account/s.

The only thing you can do, if you are also trying to prepare financial statements to June 2013, is:

(1) for the bank rec, manually adjust the March statement balance to remove the incorrect transaction and reconcile to that. , and

(2) print a balance sheet to Excel for June 2013 and manually make the necessary adjustment on the report (should be easy as the transfer is between banks), and

(3) reconcile July 2013 including the adjustment, and continue up to June 2014, make any other adjustments at that point, finalise the accounts and close that year again.

[JodiR]

Thank you Mike.  It worked!