OUT OF BALANCE BANK RECONCILIATION

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Experienced Cover User shelloutwest
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OUT OF BALANCE BANK RECONCILIATION

Hi,

Just finishing off bank reconcilation  for December and all credits and debits match up as to what is on the Bank Statement. HOWEVER I am out of balance of an exact amount for a purchase that was on Octobers Reconcilation.

Octobers Reconcile all matched up as to have a nil out of balance.

I am not sure what has gone wrong or what to do, or where to look first in to how i can correct this as to finalise Decembers Rec so they all are completed. ( Novembers was all good too nil out of balance)

 

Any advice, help would be very much appreciated. Thank you.

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MYOB Moderator Neil_M
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Re: OUT OF BALANCE BANK RECONCILIATION

Hi @shelloutwest

 

Thanks for your question

 

Are you able to run the Reconciliation Report in your software for the date of the reconciliation in October and compare it to either the bank statement or reconciliation report that you printed out at the time that the October reconciliation was completed.

 

What you are checking for is to ensure that all of the transactions that were reconciled originally in the October reconciliation are still showing in the reconciliation report run today and are still showing as reconciled.

 

If a reconciled transaction is deleted after it is reconciled, then it creates an out of balance in the bank reconciliation which can affect future reconciliations. Assuming a transaction has been deleted then you will need to undo the reconciliations going back to and including the month of the deleted transaction. Once you have unreconciled back to the appropriate month, then the deleted transaction will need to be re-entered and the reconciliations redone going forward up to the current reconciliation.

 

Do let us know how you get on with this,

Regards,
Neil

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Experienced Cover User shelloutwest
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Re: OUT OF BALANCE BANK RECONCILIATION

Hi Neil_M

Thank you very much for your reply.

I have just did what you said in going back into the reports and running the October Rec. YES there is a difference. Underneath the transaction ( Reconciled Cheques) entries where it says Total now as of today the total is out the amount of $3240, of which was my out of balance for Dec Rec i was trying to finish off lastnight.

Somewhere I must of pressed on and did something really wrong Smiley Sad but now hopefully can fix it.

 

That amount has gone down now in Outstanding Cheques.

So now do I have to go in and undo the last 2 reconciles or just the October one?

Experienced Cover User shelloutwest
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Re: OUT OF BALANCE BANK RECONCILIATION

Also Neil, I have never had to do a unreconcile before.

 

Do I go into Report Index again as I did to find the reconcilled reports for October and with your helpful assistance again, what do I do next from there  ??

MYOB Moderator Neil_M
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Re: OUT OF BALANCE BANK RECONCILIATION

Hi @shelloutwest

 

Its ok, these things happen. Whether these transactions were deleted or something had gone wrong, I can’t say but it’s easy enough to fix.

 

Just before we get too deep into this, it’s probably a good idea to just check and see if the September Reconciliation Report matches and is still in balance. If it is then we can focus on the October reconciliation and get that working, in contrast if you see the September reconciliation is out of balance as well, then you will just need to keep going back month on month until you find the point where it is in balance. You can save time by going back a couple of months at a time rather than checking each individual month one at a time, as if one month has an out of balance all future reports will also show an out of balance.

 

Unfortunately, you can’t just undo a reconciliation from a couple of months’ back, Due to how AccountRight treats the bank reconciliations, you will have to undo each reconciliation going back until you reach the month with the issue.

 

Before you start undoing bank reconciliations, I recommend that you take a backup of your file by going to File >> Backup. By taking a backup you give yourself a backstop in case something goes amiss you can restore the backup and try again.

Regards,
Neil

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Experienced Cover User shelloutwest
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Re: OUT OF BALANCE BANK RECONCILIATION

Neil, thank you once again so much. I am still sitting here sighing and trying to rlease the bit of anger I feel towards myself but I am getting calmer Smiley Happy and when you said it can be fixed that is what i will focus on. It is what it is and it needs doing so I will get to it. After my cup calming Tea ... Smiley Happy

 

Wow thank you I would not of thought to do a back up, but I wasnt touching or proceeding on any undoing of reports to i heard back from you.

 

I will check Septembers Rec and pull out the filed box for that quarter and let you know asap if it is October i just have to start from again.

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Re: OUT OF BALANCE BANK RECONCILIATION

Hi @shelloutwest

 

As I touched on in my previous post, before you start undoing any reconciliations, I recommend you backup your file as a precaution.

 

To undo a bank reconciliation, you will need to be in your Reconcile Accounts window. At this point having the previously printed Reconciliation Reports for the different months that you are undoing so that you can recreate the bank reconciliations once the issue has been corrected.

 

Once inside the Reconcile Accounts window, you can undo the last bank reconciliation for a particular account by selecting the account and then clicking the Undo Reconciliation button. When you do, this will bring up a confirmation window which you will need to click Undo Reconciliation again to confirm the action.

 

You will need to undo the bank reconciliations going back until you find the point where your bank reconciliation is in balance and then check through all of the transactions of the month where your bank reconciliation went out of balance and compare them to the previously reconciled transactions. You are looking for the transaction or transactions that have either been deleted, changed or no longer reconciled in the reconcile accounts window.

 

Once you are satisfied that all the transactions for the month have been recorded then you can redo the bank reconciliation for that month, which should once again balance. Once this one balances then you can work through and recomplete all of the other bank reconciliations that were undone previously.

Regards,
Neil

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Experienced Cover User shelloutwest
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Re: OUT OF BALANCE BANK RECONCILIATION

Neil,

I checked the September reconcilliation and that still matches.

 

You have been a real support to me. I cannot say Thank you enough. ( Thank you Thank you)

For sure I will get a back up first. Then follow your steps and guidance and if I stumble or get stuck if you dont mind I will ask for your assistance again.

People like yourself are a true asset to this site and forum.

You explained everything perfectly, and for "us" who arent such a MYOB whizz it was explained simple and clear to understand. 

Hoping you have a good day. Smiley Happy 

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Re: OUT OF BALANCE BANK RECONCILIATION

HI @shelloutwest

 

Great to hear that the September reconciliation still matches, that makes things a bit easier.

 

Thank you for your kind words, it is very much appreciated. You are very welcome, I am just glad I was able to help you understand how to resolve this issue.

 

Please don’t hesitate to post any time you need a hand or have a question, as any of our skilled forum partners and moderators are always more than happy to help.

Regards,
Neil

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Experienced Cover User shelloutwest
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Re: OUT OF BALANCE BANK RECONCILIATION

Just had to say a big thank you Neil for all your assistance. Finally undid the Reconcillations reports from October and re did them to fix that out of balance. Now they all reconciled with NIL out of balances.

 

Thank you very much. I am not stressing now. Smiley Happy

 

Kind Regards

Michelle

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