reconcile electronic clearing account

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reconcile electronic clearing account

Hi,

 

I might sound really stupid, but what do you reconcile the electronic clearing account against? I mean there are no bank statement to give you balances that you tally against. My electronic clearing account balance shows -270.19 and its been like that since 2012. (Checked the previous recon report). But I dont know how it was reconciled when we had nothing to tally it against. Looks like the previous ladies had just been ticking everything and reconciling it.

 

Please HELP!!!!

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Re: reconcile electronic clearing account

You are right that there is no actual bank account but there is a virtual back account.

 

if you go into reconcile bank accounts and select 

electronic banking account you will see the transactions for your payments are there and should be offset electronic payments.

 

ideally you should be able to select all transactions and the reconciled balance should be zero. If not you probably haven’t paid something

 

good luck

 

lisa

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Re: reconcile electronic clearing account

Sorry I replied too soon

there must be some transactions that were perhaps incorrectly processed in 2012.

 

to really fix this you would need to find out what they are and then journal them out

 

are the double ups ? Did someone do a payment not realising that it was electronic and then do another payment.. there are ramifications with regard to GST etc. so personally I like to investigate a little before I do anything

 

in the banking reports area there is an unprocessed electronic payment report. Run that and see what it comes up with. You can then go into each transaction that comes up in that report

 

good luck and again apologies for too quick a response

lisa

 

 

 

 

 

 

and

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Re: reconcile electronic clearing account

Thank you so much. 

 

I ran the report and there are transactions from 2010-2013. I might have to get someone to help clear those out. I checked the community and they talk about reversing or deleting the transactions. But since the transaction in my MYOB is from the locked period, I am not sure how that will affect the financial report or what impact it would have in general.

But thank you for your answer, it clarified about the reconciliation and also made me aware about the reporting.

 

Cheers.

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