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Reconciling a transaction presented next month

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babablacksheep
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babablacksheep
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Reconciling a transaction presented next month

Good Morning folks, 

 

I just had a question regarding reconcilling monthly accounts on MYOB account right. So I am doing the accounts for an organisation whereby there is an unrepresented cheque for the month of July, which is recognised in the following month in August. But because of this, our bank reconcilliation for the month of July is out of balance by that same amount.

 

Can someone please tell me how we get this out of balance issue for July sorted? We cannot put in another entry for the cheque in July to make it balance as this cheque has already been recognised in August. Please help. 

 

Thanks

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MYOB Moderator Steven_M
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Steven_M
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Re: Account Right 2018: Reconciling Accounts

Hi @babablacksheep 

 

Reconciling your accounts in AccountRight is designed to reflect what has happened in real life.

 

So, if the bank has not recognised that transaction in the month you are reconciling you would leave that transaction unticked in the Reconcile Accounts window. When it does fall on the bank statement you would just tick that transaction and include as part of that particular (months) reconciliation.

Kind regards,
Steven

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babablacksheep1
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babablacksheep1

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Re: Account Right 2018: Reconciling Accounts

Hi Steven,

 

Thanks for your response. But the issue for us is that we don't have individual transactions to play with. Our entity has just upgraded to Account Right from MYOB Essentials and thefore we only have whole balances to bring over.

 

SO that unpresented cheque of say $500 is represented in the entire cash at bank balance of $10,000 that we are trying to bring over to the new system. So how do we resolve this issue then?

 

Any help will be much appreciated thanks Smiley Happy

MYOB Moderator Steven_M
29,269 Posts
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New Zealand
Steven_M
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Re: Account Right 2018: Reconciling Accounts

Hi @babablacksheep1  ( @babablacksheep  )

I would recommend going through Help Article: Your first bank reconciliation. This will go through the process of identifying and entering your transactions before completing your initial reconciliation in the company file.

 

As mentioned previously, AccountRight works on the principle that you reconcile individual transactions when they fall due on the bank statement. For example, if the transaction has a February date but doesn't appear on the bank statement until March you would not tick that transaction to be included in the reconciliation. Note: if that is a grouped transaction i.e. you have recorded multiple transactions as one AccountRight transaction and a part of it has been recorded on a different date then you would need to delete that transaction and enter it accordingly.

Kind regards,
Steven

MYOB Community Support

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