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Out of balance Receivables Reconciliation

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Experienced Cover User BHopley
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Out of balance Receivables Reconciliation

My Receivables Reconciliation was out of balance as at 29 February.  I went back through the month and it went out of balance on 1 February 2016.  As at 31 January 2016 it balanced.

 

I haven't been able to fix the error but whilst investigating I have identified the error.  The Trade Debtors balance on the balance sheet as at 1 February is one amount but when I drill down on the account from the Balance Sheet report, the Ending balance on the Find Transactions screen (dated from 1 February to 1 February) is $1,650 more than the Balance Sheet. This is the amount I am out.

 

There were no transactions on the 1 February for this amount.

 

Can you please help me locate and correct the error?

 

Bernadette 

 

 

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Partner TheG
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Re: Out of balance Receivables Reconciliation

hi @BHopley

 

Perhaps attach the general ledger detailed printout for your Trade Debtors account for review from 31st Jan to 1st February so we can review it?

 

The General ledger report should only show transactions sourced from SJ (Sale Journal) and CR/CD (cash receipts or credit notes from Sales Command Centre). Sometimes receipts are applied using bank centre instead of Sales Receive payments...or you could have a GJ (General Journal) transaction in the account by mistake.

 

Also if you can attach the Account Receivable Reconciliation Summary on 31st Jan and 1st Feb this may help further to isolate the transaction causing the problem

 

 

Cheers and goodluck!

 

Experienced Cover User BHopley
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Re: Out of balance Receivables Reconciliation

Hi @TheG

 

Thank you for your reply.  I have attacehd the reports you suggested.  There were no entries into the Trade Debtors on the 1st February so not sure how/why the Receivables Balance could change?

 

Any assistance would be helpful.


Bernadette

Partner TheG
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Re: Out of balance Receivables Reconciliation

hi @BHopley

 

Thanks for reports but I cant see why its out and given the general ledger doesnt show any transactions on the 1st Feb this is unusal.

 

I suggest run the exception report to see if this highlights the issue.

 

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Ultimate User gavin12345
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Re: Out of balance Receivables Reconciliation

Hi @BHopley and @TheG

 

Although this may defy logic, I would look for a transaction for $1650 AFTER 1 Feb 2016. This is because when calculating figures for reconciliation purposes, MYOB works backwards from the current balance of the account. Notice the balance of the receivables a/c as per the gen ledger shows $591k, it is only the reconciliation balance that shows $589k.

 

And just for good measure I would recommend generating a balance sheet as at the end of the next financial year and check if this balances (Net Assets = Equity) - my guess it will be out by $1650.

 

Regards

Gavin

 

 

Experienced Cover User BHopley
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Re: Out of balance Receivables Reconciliation

Thanks for that. I have run the report but nothing showing except that there is a difference. Thanks anyway for your assistance. I will keep trying Smiley Happy
Experienced Cover User BHopley
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Re: Out of balance Receivables Reconciliation

Hi Gavin Thank you for your post. We do have regular sales for $1650 so there are a further 19 posted as at 29 February. All are still open and have not been paid so nothing unusual there. I ran the BS as well and it is not out of balance. I will keep trying to look for something and hope that it pops up soon before I go mad Smiley Happy Thanks
Partner Julie_A_C
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Re: Out of balance Receivables Reconciliation

Try running your reconcilation report as 31/12/16 and tthen maybe as 30/12/2116.

 

It more sounds like you may have future dated an entry(receive payment/or apply credit note),

 

When was the last time you reconciled your bank account?

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
Member Association of Accounting Technicians
ph: 0417 927 654 email: accuratebooks7@gmail.com
JAC' of All Trades Bookkeeping (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
Experienced Cover User BHopley
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Re: Out of balance Receivables Reconciliation

Hi @Julie_A_C

 

Thank you for your reply.  I have run the reports at both those dates and also 31/12/2999 and still the same.  We reconcile our bank on a weekly basis.  

 

We have identifed the customer which is causing the imbalance.  On the report the balance outstanding is $29,700 but the actual balance is $31,350.  I have attacehd a screen shot that shows this.  There have been no credits applied to this customer.

 

I'll call support and see if they can solve the issue.

 

Thanks again

MYOB Staff Post RienaP
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Re: Out of balance Receivables Reconciliation

 

Hi @BHopley,

 

I have been following the post and sorry to hear of the trouble you are facing reconciling your receivables.

 

By the look of it, the receivables are showing lesser amount then it is due. If you can please check using "Find Transactions" search by Card to see if there was any payment made accidentally through "Receive Money" window from Banking command centre which will reduce this customers balance.

 

I have noticed that you have used the Receivables Exception report which is a report that is picked from Company Data Auditor. I would also recommend you to look through the Company Data Auditor from Accounts command centre and review for different dates to see if your receivables reconciles.  Please check some help page and video on how to deal with Receivables out of balance.

 

Hope this helps and let us know if you need further help. 

 

 


Regards,
Riena
MYOB Training Specialist
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