trouble with Bank Recs

melita9
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trouble with Bank Recs

In my new role I recently began using MYOB and new to it although have some bookkeeping experience

I've been asked to reverse many incorrect recieve money transactions and make them recieve payments when matching via bank feeds. 

I'm now trying to reconcile bank ac which have not been done for a long time. 

It appears the reversal entries can be seen as well. is this usually the case?

 

I can mark these entries as cleared ransactions  (as they effectively balance eachother out)  as well as bank statement transactions. 

Some are duplicated and do not balance

How would you suggest I handle this? 

Thanks for any help you can offer.

 

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Komal_S
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Re: trouble with Bank Recs

Hi @melita9 

 

Welcome to the Community Forum!

 

As you're using bankfeeds, the best way to reconcile in this case will be matching the Receive Payments via Bankfeeds, and then ticking off all the entries that clear off each other on Banking>>Reconcile Accounts window.


If there are any duplicates left after this process, please delete those transactions  ( ensure "Transactions can't be changed. They are reversed" is unticked under Setup>>Preferences>>Security, as this preference allows for transactions to be deleted instead of reversing them).


Let me know if you have further questions on this. 

Kind regards,
Komal

MYOB Community Support

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melita9
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Re: trouble with Bank Recs

Thanks  Komal. 

I will do that. 

Is it usual to see these reversed transactions in the bank rec window ? 

 

I did reverse a bank rec and not sure if this was the cause.  Just getting familiar with Myob

Komal_S
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Re: trouble with Bank Recs

Hi @melita9 


If the reversed transactions are coded to the bank account you're reconciling, they will appear in the bank reconciliation window and that is normal software behavior. 

Kind regards,
Komal

MYOB Community Support

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melita9
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Re: trouble with Bank Recs

thanks for the help 

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