bank transactions report balances incorrect
Hi. The bank balances on my bank transactions report are incorrect, but the correct balance is shown on the balance sheet report.
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Sorry this should be under reports
Hi JC14,
Thank you so much for your post and welcome to the Community Forum! I'm sorry to hear about issue, you've been having. I really appreciate your patience and understanding about this issue and I do apologize for the delayed response.
When you encounter a situation where the bank balances on your bank transactions report are incorrect, but the balance sheet report shows the correct balance, it may be due to a discrepancy in the way transactions are categorized or recorded. Can you please try to review Transaction Categories? Please double-check the categorization of your transactions on the bank transactions report. Ensure that deposits and withdrawals are categorized correctly. Incorrect categorization can lead to discrepancies. And also, if you could try to perform a bank reconciliation to match your recorded transactions with your bank statement. Make sure that all transactions are accounted for and accurately reflected in your AccountRight.
By carefully reviewing these steps and ensuring the accurate recording of transactions, you should be able to align the bank balances on your bank transactions report with the correct balance displayed on the balance sheet report.
Feel free to post again, we're happy to help.
Regards,
EarlWe are accountants who manage a number of MYOB Essentials Files for our clients. We have come to the end of the quarter and are working on our client files. We usually run the bank transactions report to help us verify the bank statement balances, so that we can perform the monthly bank reconciliations. We have noticed this quarter that with all the files we have worked on to date, the balance in this report is incorrect and does not agree with the client’s physical bank statement or the calculated closing balance in the reconcile accounts area. This incorrect balance appears to be occurring from a prior period. If we now run the bank reconciliation report at 30 June the balance is incorrect and has changed from the printed copies we have on file from when we previously worked on these files. Can you please look into this and fix it?
Hi abia,
Thanks for your post and welcome to the Community Forum!
My apologies for the late response. I would start by going to Banking>>Reconcile Accounts>>Enter in the Last Statement Date in the Bank Statement Date and also add in the closing balance on that previous statement in the Closing Statement balance. Make sure that you have no transactions ticked in the Cleared section. If there is an Out of balance appearing then we know that something is incorrect in the previous reconciliation.Typically an out of balance would be due to a transaction(s) being changed causing it to become unreconciled. This help article has detailed information on finding and resolving bank reconciliation problems: Resolving out of balance bank reconciliations
Feel free to post again, we're happy to help!
Regards,
Earl
Is this due to an update? We also have a client who uses this report regularly and his printed August 2023 report no longer balances to what it currently shows. Please fix ASAP!
