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Robyn2017's avatar
Robyn2017
Experienced Cover User
6 years ago
Solved

MYOB bank reconciliation shows $54.00 less than bank statement withdrawals

I currently cannot reconcile our December 2018 bank statement because I am out of balance by $54.00 - the AccountRight withdrawals balance for December is $54.00 less than what the bank statement wit...
  • LRBooks61's avatar
    LRBooks61
    6 years ago

    Hi Robyn,

     

    Take a deep breath............

     

    I am making the following assumptions

    That there are no outstanding entries in your bank account

     

    As you have undone your reconciliatons to the start of the last financial year,I would start by going into the reconciliation screen as at 30/6/2018 and enter the ending balance as at that date.

     

    At this stage the out of balance should be 0.00. If not it would indicate that the problem is a transaction prior to June 30 2018.

     

    If that reconciles correctly , then proceed reconciling every month .

     

    As all your transactions are there it should be relatively easy.

     

    But what I would advise you to do is to check the cleared balance as you go which will help you identify where the problem is. 

    Sometimed the more you look the less you see.............

     

    eg. Cleared Balance 100

    deposit  250  Balance  sbe 350

    withdrawal  271 balance s/be 79 .

     

    If however the withdrawal was entered incorrectly as 217 the balance in myob will be 133.

     

    If you mark evertthing at once you won't see where the error in the balance actually is .

     

    Failing that..................there is a report inthe accounts section. Audit trail which will show you what transactions have been edited or deleted using session dates and transaction dates . This may be useful too.

     

    So frustrating I know......................rememeber too that you can always lock a period once you have reconciled ( setup, preferences)

     

    Hope this helps

     

    good luck

     

    Lisa

     

     

     

     

Robyn2017's avatar
Robyn2017
Experienced Cover User

Hi Neil,

 

Sorry has been awhile since you posted your advice for me to try fix my $54.00 out of balance problem.

 

The November statement closing balance & December statement opening balance on my bank statements equal the same amount - unfortunately I don't print a reconcilliation report as I've balanced each month because I didn't know that transactions could be deleted from a reconciled month if transaction is deleted or changed - I will do this from now on now that I know that problem can occur.

 

I went right back to undo all reconcilliations for the account I'm having trouble with until & including July 2018 (figured best to go back to the first month of the 2018/19 financial year) and redone the reconcilliations July 2018 through to November 2018 (last bank reconcilliation date).  Then I tried to reconcile again December 2018 (which wasn't previously reconcilled because of the $54.00 out of balance on my withdrawals) and problem is still there.

 

I still have showing on MYOB the $54.00 less in my withdrawals balance (& therefore our statement closing balance on MYOB is showing $54.00 less than it should according to our December bank statement) )as what is on our December bank balance.

 

Is there anything else that you know of that I could try or will I need to undo reconcilliations from June 2018 backward as well as issue could be from a transaction deletion/change from 2017/18 financial year?

 

Thanks.

Robyn

LRBooks61's avatar
LRBooks61
Ultimate Cover User
6 years ago

Hi Robyn,

 

Take a deep breath............

 

I am making the following assumptions

That there are no outstanding entries in your bank account

 

As you have undone your reconciliatons to the start of the last financial year,I would start by going into the reconciliation screen as at 30/6/2018 and enter the ending balance as at that date.

 

At this stage the out of balance should be 0.00. If not it would indicate that the problem is a transaction prior to June 30 2018.

 

If that reconciles correctly , then proceed reconciling every month .

 

As all your transactions are there it should be relatively easy.

 

But what I would advise you to do is to check the cleared balance as you go which will help you identify where the problem is. 

Sometimed the more you look the less you see.............

 

eg. Cleared Balance 100

deposit  250  Balance  sbe 350

withdrawal  271 balance s/be 79 .

 

If however the withdrawal was entered incorrectly as 217 the balance in myob will be 133.

 

If you mark evertthing at once you won't see where the error in the balance actually is .

 

Failing that..................there is a report inthe accounts section. Audit trail which will show you what transactions have been edited or deleted using session dates and transaction dates . This may be useful too.

 

So frustrating I know......................rememeber too that you can always lock a period once you have reconciled ( setup, preferences)

 

Hope this helps

 

good luck

 

Lisa