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Bank Rec/statement balance

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JointVenture
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JointVenture
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Bank Rec/statement balance

I am using Account Right Standard 2016 2.1

I'm in Reconcile Accounts & the Closing statement balance & the calculated statement balance are the same but when I hit reconcile >print report the account right balance on the report for the previous month is different from the actual reconcilaition report resulting in a different expexted balance for the statement. I have opened the previous month (June) reconcilation report & it matches the bank statement.

What I am seeing on screen when I print report for my July Rec is

Date of Bk Statement  - 31/7/2016, Last reconciled 30/6/2016, Last reconciled balance $2911.82. Cleared Chqs $13627.83, cleared deposits $11,717.00, ARight balance on 30/6/2016 -$300.99 o/s chqs -nil, o/s deposits nil, Expected balance on statement - $300.99

But if you add/subtract my figures the expected balance on statement should be $1000.99 which balances with bank statement.

Any ideas??

Thanks

Maria

1 REPLY 1
MYOB Moderator Neil_M
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Neil_M
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Re: Bank Rec/statement balance

Hi Maria ( @JointVenture )

 

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

 

If you have a previous reconciliation report that has a discrepancy between the figures and the expected balance on statement, it would indicate that a previously reconciled transaction has become unreconciled, generally through a transaction being changed or deleted. The transaction may not relate to that specific reconciliation, but to a previous one.

 

To locate this transaction, you will need to go back through your reconciliation reports until you find one that doesn’t have an unusual expected balance figure, and a figure that makes sense mathematically. Once you find this point, then you will need to compare the next reconciliation report to the bank statement as this will let you identify the transaction that has caused the issue.

 

As your current bank reconciliation is in balance, and doesn’t have a discrepancy between the calculated statement balance and closing statement balance it would suggest that the transaction that caused the out of balance on previous reconciliations has been re-entered and possibly even reconciled on another date after the June reconciliation but before the reconciliation date you are now doing.

 

Its always a good idea, if a reconciled transaction gets deleted to undo and then correct that reconciliation to avoid out of balance figures, rather than trying to correct it later on in another reconciliation. Not only is this the way to ensure your records are always correct and tidy, it just ensures that if you go back and look at previous records for any reason you don’t have to worry about where the figure is.

 

Hopefully this helps clarify how to check for that previously reconciled transaction and what may have caused that issue.

Regards,
Neil

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