a new bank account
I have added a new bank account, but the current balance of old bank account changed and there's a negative current balance of the new bank account. Would you please advise me how to fix or edit the ...
Forum Discussion
Hi Kevin
The Opening balance of a bank account should be the bank statement balance on the date you start entering transactions in MYOB. Clearing accounts, like Undeposited funds, should have a $0.00 opening balance. Once your opening balances are correct, they shouldn't be changed to fix out of balance issues. Out of balance issues are caused by the transactions posted to the accounts.
Based on the information you've provided it sounds like you've incorrectly posted that transfer to the Undeposited funds account. Go to Banking>>Find transactions>>select Undeposited funds account in the Account field and check for transactions posted to that account. If the transfer has been posted to that account, click on the reference no to open the transaction and delete it.
The correct transaction for the transfer from the Business one account to the Cash reserve account is a Transfer money transaction with the From account as the Business one account and the To account as the Cash reserve account.
To clarify how Bank transactions and Reconcile accounts works:
- once you reconcile an account in the Reconcile accounts window those reconciled transactions won't appear in that window. Only unreconciled transactions will be listed.
- Allocating bank transactions automatically records the applicable MYOB transaction. This means that if you have manually recorded a Spend money transaction then allocate the Bank transaction, the software will record a Spend money transaction causing duplicate transactions.
- if there is an existing MYOB transaction you need to match the MYOB transaction with the bank transaction
Use the Find transactions window to check for duplicate transactions. If there are duplicates, delete the manually recorded transaction. If those transactions were reconciled you will need to undo and re-do the reconciliations.
Let me know how you go.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Many thanks for your reply and help.
I have started my MYOB account since May 2022. Although I have managed a bank feed with the operating bank account, there were about one or two bank feed transactions appeared in the account per month, Therefore I had no choice to record manually nearly all Spend money transactions until 1 Nov 2022.
I have followed with your advice and deleted all the duplicate transactions, most of the manual recorded transactions. However, the software still has not recorded all the Spend money transactions. Thus, I am unable to have a right current balance. Please advise what should I do.
The key problems for me are Current balance of two bank accounts and the Undeposited Funds Account. The figuers are all incorrect. I had no any problems and issues before 2 Nov 2022. The problems have started from 2 Nov 2022 when I created the second bank account, 1-1111 Cash Reserve. There's no any transctions for 1-1111 Cash Reserve account and how can I have a negative balance of -15,182.34. There's no any transctions for 1-1170 Undeposited account and how can I have a negative balance of -80,000. I have tried to hard to fix the above problems by checking Accounts, Edit accounts and Edit linked accounts. I have been unable to fix the problems. Very frustrated. It is obvious there's something wrong with the MYOB software. Please help.
Hi Kevin
Can you send me the following information in a private message:
- screenshot of the opening balance for both bank accounts and the undeposited funds account
- the opening balance of both bank accounts from the bank statement
- the Find transactions window filtered by date from 1/04/2022 to 31/12/2022 for both bank accounts and the undeposited funds account