Electronic Clearing Account 0.01 cent balance

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Electronic Clearing Account 0.01 cent balance

Hi 

 

Can a fellow user or a MYOB expert advise how I can get rid of a 0.01cent balance that has been sitting in my balance sheet since I started this role over 18 months ago.   I just want it to go away - is that possible?

 

Thanks 

Leanne

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Re: Electronic Clearing Account 0.01 cent balance

Is it fine to just make a simple journal to clear off 0.01 cents?

We do some time have small amount in the clearing accounts, it may due to different currency transaction.

 

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Re: Electronic Clearing Account 0.01 cent balance

I tried entering a journal; did nothing.  Hence I thought it either may not be possible or there is another way of clearing it out?

 

Thanks

Leanne

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Re: Electronic Clearing Account 0.01 cent balance

HI @LDOG 

 

When you say that the 1 cent balance is showing, is this showing in the prepare electronic payments window or not?

 

If there was a transaction showing the 1 cent amount you could look at creating an electronic payment for this amount and then writing the amount off using a journal entry against the bank account the payment had come out of

Regards,
Neil

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Re: Electronic Clearing Account 0.01 cent balance

Hi Neil

 

No there isnt anything showing in the electronic payment window... I just have this darn 0.01 sitting in the balance sheet.   Dont quite understand the rest of your email as to how to get rid of the 0.01cents though.

 

Regards

Leanne

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Re: Electronic Clearing Account 0.01 cent balance

Hi @LDOG 

 

The comments I made in the latter half of the message were specifically related to if the 1 cent was showing under the electronic payments window and not just on the balance sheet.

 

Are you still having issues with regards to this once cent balance on the account?

Regards,
Neil

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Re: Electronic Clearing Account 0.01 cent balance

Hi Neil

 

The 0.01 is just in the balance sheet... and yes unless you have a solution I am resigned to the fact it may be there forever.

 

Regards

Leanne

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Re: Electronic Clearing Account 0.01 cent balance

Hi @LDOG 

 

I think we might need to look at getting a copy of the file in so that our team can investigate it further. To this end are you able to send me a private message with the following information:

 

  • Your product serial number
  • The best email for the team to reach you on
  • The account number
  • The correct balance of that account as at the last reconciliation date
  • The last reconciliation date

Regards,
Neil

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Re: Electronic Clearing Account 0.01 cent balance

Hi Neil

  • Your product serial number - 61**********
  • The best email for the team to reach you on - **
  • The account number - not sure what you are chasing here
  • The correct balance of that account as at the last reconciliation date - no idea to be honest as took over with the 0.01 discrepancy
  • The last reconciliation date - I have never reconciled it - the last reconcilation was done 26 July 2018.
  • Its always had this 0.01c

The lady I took over from spent a considerable amount of time as Im lead to believe it was out significantly - got it to the 0.01c.


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Regards

Leanne

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Re: Electronic Clearing Account 0.01 cent balance

Hi @LDOG 

 

With regards to the account number I’m referring to the account number in your chart of accounts. For our team to be able to look into this issue we would need to know what the correct balance is.

 

That said if there has always been a number of discrepancies in this account you might need to go back through the transactions that have gone against this account through the years. As this is a clearing account in theory whatever’s gone into the account should also have come out again. If this was not the case it may indicate a transaction didn’t clear the account out as it should have

Regards,
Neil

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