OUT OF BALANCE BANK RECONCILIATION

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Contributing Partner Daniel_Salas
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Contributing Partner
Australia
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OUT OF BALANCE BANK RECONCILIATION

Hi there

I have got a problem with banking reconciliation of one of my accounts.

I just finished off bank reconcilation of that account for December 2016 and all credits and debits matched up as to what was on the Bank Statement at the 31.12.2016.

I did the banking reconciliation in Jan 2017 as I use to do every month and I am out of balance of an amount unreferrable at a purchase ($ 609.51).

I did the reconcialition in Feb 2017 and I carried on the same amount out.

I am not sure what has gone wrong or what to do or where to look first into it to correct this mistake.

The accountant asks me to look at the bank account and correct the balance.

How I can do this?

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 @Daniel_Salas

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of useful information.

 

The best place to start would be to run the Reconciliation Report (Reports >> Index to Reports >> Banking >> Cheques and Deposits) today for the date of the December reconciliation and compare the report displayed onscreen to the Reconciliation Report printed out at the time of the successful bank reconciliation.

 

If these two reports do not match, then it means that a transaction has been changed or deleted from before the date of the December Reconciliation, but after the reconciliation was completed. To narrow down this transaction or transactions, the same process as mentioned before is employed. Pick a month and run the Reconciliation Report for that date and compare it to the Reconciliation report to see if it matches.

 

You’ll need to keep going back until you find a point where the two reports match. This point is key as once you know where the file is in balance then the following reconciliation is where the out of balance should be found. When the out of balance is found, the two reports can be compared to find the discrepancy or discrepancies between the two reports, using the originally printed report as the correct transaction list.

 

When the discrepancies have been identified, you will need to undo the bank reconciliations going back until you undo the problem reconciliation, re-enter the missing transactions and then redo the reconciliations going forward until you arrive back at the current bank reconciliation, which should know be in balance.

 

Please do let us know how you get on with this,

Regards,
Neil

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