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Calculated statement balance incorrect

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Experienced Cover User SSchultz
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Calculated statement balance incorrect

Hello,

 

I am tring to reconcile October 2018 and when I open the Reconcile Accounts tab under the Banking tab, the calculated statement balance is not correct.

 

It is currently showing: Last reconcile date 30 Sept 2018  - Calculated Statement balance $56,527.18

 

When I look at my paper copy of my Sept reconcilation from MYOB & my bank statement both state calculated statement balance as $55,893.82

 

There is a difference of $633.36.

 

How can this happen when September has been reconciled weeks ago & balanced to my bank statement?

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Ultimate Partner IanChait
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IanChait
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Re: Calculated statement balance incorrect

Hi @SSchultz

 

Did someone add, delete or edit a transaction in the reconciled period?

 

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

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Ultimate Partner ronatbas
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ronatbas
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Re: Calculated statement balance incorrect

@SSchultz @IanChait

 

The words that are missing from your query are 'when i put in 30/09/2018 in the new date box'. If there is no date set the calculated balance floats to the current balance of today.

If this is not the situation then you need to trawl back through reconciliations and compare them to hard copy. Let us know if you need to know how to do this.

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Experienced Cover User SSchultz
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SSchultz
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Re: Calculated statement balance incorrect

Hello,

 

Just wondering how a transaction could be deleted if the account has been reconcilled. Surely it would not allow you to delete a transaction within a reconcilled period without some sort of warning?

 

How can I work out if a transaction has been deleted? This has never happened before, so I have no idea how to fix this problem.

Experienced Cover User SSchultz
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SSchultz
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Re: Calculated statement balance incorrect

Hello,

 

I am confused by your comment.   'The words that are missing from your query are 'when i put in 30/09/2018 in the new date box'. If there is no date set the calculated balance floats to the current balance of today.'

 

I have never seen this problem before and on my Reconcile Accounts screen it shows the Account (to be reconciled), date of last reconcilation (which is 30 Sept 2018), closing statement balance (which is a figure that you can manually change) & calculated statement balance (which is the one that is incorrect and should be the same as my Sept reconcilation and bank statement). I have checked my hard copy when I reconciled and my bank statement. The current figure of the Calculated Statement Balance does not match my Sept 2018 reconciled figure. It is out by $633.36.

 

If a transaction has been deleted within a recocilation period, which i did not think was possible, wouldn't there be some sort of warning?

Ultimate User gavin12345
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gavin12345
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Re: Calculated statement balance incorrect

Hi @SSchultz

 

The thing about resolving bank reconciliation issues is working out:

  • whether the user knows what they are doing (that is, is there a real discrepancy)
  • whether the discrepancy was caused by user action (such as editing a previously reconciled transaction)
  • whether the discrepancy was caused by an error in AR2018

Sometimes the users is looking at the wrong figures. Others assume MYOB doesn't make mistakes and it must be a user error.

 

What you have written is correct, if when you last reconciled at 30 Sep 2018 the Closing Statement Balance and Calculated Statement Balance were $55,893.82, when you open the Bank Rec screen and select this account, while the Closing Statement Balance will be different, the Calculated Statement Balance should be $55,893.82, whether or not you have entered a date in the Bank Statement Date field.

 

And yes, if you (or another user) opens a previously reconciled transaction, MYOB will warn you that any changes will affect the reconciliation. So one possible explanation is that a previously reconciled transaction has been edited or deleted.

 

This is where one would suggest you enter the Bank Statement Date as 30 Sep 2018 and enter the Closing Statement Balance as $55,893.82. There is likely an Out of Balance of $633.36. If the transaction has been edited but not deleted, it may well appear in the list of transactions, if yes, select it, Out of Balance becomes 0.00 and click Reconcile to update/correct the issue.

 

I suspect you know all this and the transaction will not be there. This is where you look at the other 2 options, someone has deleted the transaction, or changed it's date, OR there is a corruption in your file.

 

Ensure you make a backup before doing anything. Then the usual solution (and you will find support notes on this) is to Undo Reconciliations until you find a date where the Calculated Statement Balance and the actual bank statement balance matched, then redo reconciliations until you find the $633.36 transaction on your bank statement but not in MYOB, re-enter and problem sorted. (Or you may save some time by scanning through bank statements for this amount and seeing if the transaction is recorded in MYOB.)

 

However before doing this check your Locked period setting (Setup > Preferences > Security) - don't go beyond that date as MYOB will not allow a user to edit/delete a transaction before that date.

 

I have heard of instances of users undoing dozens of reconciliations and still not finding a balance point. This is because AR2018 might be to blame, not a user. AR2018 calculates these figures based on the current bank balance and then subtracting un-reconciled transactions. 

 

So a 'dodgey' transaction on 22 Nov 2018 can 'throw' your Calculated Statement Balance out. By 'dodgey' I mean an unbalanced or otherwise bad entry, such as a duplicate. I have seen AR2018 record the same transaction twice, this is not a user error, but rather something that causes a DataInvalid error when you try to delete it. If this is the cause, undoing reconciliations will not help (restore backup or re-reconcile). MYOB will need to fix the file.

 

So before spending too much time, check for a recent $633.36 entry on your bank statement, or a $633.36 transaction in MYOB after 1 Oct 2018 - use Find Transactions on the relevant account.

 

Best of luck resolving. 

Gavin

 

 

Experienced Cover User AATurner
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AATurner
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Re: Calculated statement balance incorrect

Thanks Gavin.  Have been away and only returned today.  Will have a read and hopefully it can been easily resolved.  x fingers

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