Balance sheet main account not balancing

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Contributing Cover User Mandy_L
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Balance sheet main account not balancing

I have just recently installed MYOB 2 months before the end of our financial year (which falls dec 31st).

My opening balance for the trading account is correct as per bank statement for Nov 1st, i have reconcilled nov and dec bank statements and my bank statement figure was correct and account was reconcilled. 

BUT - the balance on the balance sheet does not marry up with the reconcillation report and i have cross referenced my trade account accruals report against the bank statement and all that balances as well. 

Any ideas where i could be going wrong?  Cheers, Mandy 

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MYOB Product Team Haydes
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Re: Balance sheet main account not balancing

Hi @Mandy_L

 

Out of curiosity, if you go to: Banking > Bank Reconciliation and enter the relevant account and date, do you have any unreconciled transactions showing here?

 

If you do, these will still add to the Account Balance but won't be calculated if left unchecked which could mean that the Reconciled balance is incorrect as you would need to check ALL transactions to make sure the Calculated Balance is married up to your actual Reconciliation Balance.

 

 

I would also recommend checking the Calculated Statement Balance, here's a good support note showing how to check this: Resolving out of balance bank reconciliations

 

 

Keep me posted on what you find.



Cheers,

Hayden (Ex-Moderator)
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Contributing Cover User Mandy_L
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Re: Balance sheet main account not balancing

I think my whole file is corrupted.  I went through and found that i had some hidden payments in my bank feed. these were the full amount of the EFT for 3 runs that i had done but did not match to the feed as i had paid them off from the overdraft account instead of the electronic clearing account. I have just gone back into disbursments and paid them all off electronically instead.

Now i am missing the individual payments in my reconcillaiton window and i have no dispursment recorded in transaction journal.

I can also confirm i have different expected balances under the 'find trans' under the accounts tab compared to the reconcilled expected balance. 

 

 

 

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Contributing Cover User Mandy_L
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Re: Balance sheet main account not balancing

MYOB please help.  I am trying to complete our end of year (dec 31st) but cant until my balance sheet issue has been rectified. 

Can somebody check ny company file please? 

MYOB Product Team Haydes
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Re: Balance sheet main account not balancing

Hi @Mandy_L

 

Hidden Bank Feeds don't add the Account balance at all and I do not believe this related to the issue. 

 

If you have compared the Calculated Balance to the Find Transactions Ending Balance for the same date range and they do indeed balance, this does not sound like a datafile corruption to me and seems to be an error in the data entry.

 

What I'd be doing is running the General Ledger Detailed report for the account on a period after it reconciles and then you can see the balance changes after each transaction. This should be able to help identify any missing or incorrectly entered transactions that are affecting the balance.



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Hayden (Ex-Moderator)
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Re: Balance sheet main account not balancing

Hi Hayden, Exactly what i thought - that hidden trans do not add to the balance. I have often hidden them in the past without a drama. 

The report will not allow me to do a trail balance from nov 1st which is the conversion date however the opening balance for my account on the 2nd Nov is around $25k out. 

I have only ever set up MYOB from the first day of the accounting system not part way though the year so am at a bit of a loss. 

 

MYOB Product Team Haydes
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Re: Balance sheet main account not balancing

Hi @Mandy_L

 

Would you happen to know if the Opening Balance was changed? If 01/11 is your conversion month, I'd be running the General Ledger detail report for that month as well and then check that the Opening Balance is correct between what the bank Shows and what the GL report shows.

 

This can give a base-line to go forward and look at when the Balance Discrepancies begin.



Cheers,

Hayden (Ex-Moderator)
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Re: Balance sheet main account not balancing

Yes 1/11 is my conversion month. I ran the trail balance from 2/11 - 30/11 )as it wont allow me to include the 1st. 

The original opening balance did change as my accountant had the wrong figure. 

It appears as though the balance discrepancy starts on the day of my conversion. 

The trial balance also doesn't show the bankfeed figures from the 1st 

MYOB Product Team Haydes
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Re: Balance sheet main account not balancing

Hi @Mandy_L

 

If it's not letting you run the report from the 1st, what happens when you try? Are you getting a message saying that you cannot run it for pre-conversion periods?

 

Just as a thought, if it's wrong from Day 1. Could you confirm if the Opening Balance on the account is correct? (Setup > Balances > Opening Balances)

 

Might be worth opening the Find Transactions window for the account for 01/11 to 01/11 to account for any possible changes to the balances between the Opening Balance set there and the Opening Balance that would be shown if we ran the GL report for 02/11.

 

Keep me posted on what you find.



Cheers,

Hayden (Ex-Moderator)
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Contributing Cover User Mandy_L
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Re: Balance sheet main account not balancing

Hi @Haydes 

If i try running the report from the 1st Nov and it says its in a preconversion or a purged . 

But i did check the entries made on the 1st of Nov in the find trans window and there were 2 in there that i deleted that shouldnt of been there. 

IN regards to my opening balance - My opening balance was approx 3k but on the trial balance it says the opening balance is around $8k. The original opening balance for the account was changed from $10k down to $3k as my accountant had an incorrect figure. Perhaps i should of treated this differently? 

In saying that i have found some problems with the electronic clearing account that could be causing the problems. I have gone back through these transcactions and paid them off through 'pay bills'and saved the ABA file. I did this with 3 seperate payments run this morning back dated to the actual withdrawal date from the main accout. 

This worked for 1 of the transactions which i was then able to 'find'and match trans in my bank feed  but the other 2 transactions have gone astray and i cant 'find'these trans when looking for them in the bank feed window. 

I have gone through the disbursments window and the payments have been marked as paid and greyed out so they cant be changed and they dont have an accompining '"Electronic Payment'" as other payment runs do. 

Could this be causing the issue? 

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