Bank unreconciled last 5 years

ChristineE
Partner
3 Posts
Partner
Australia
Partner

3Posts

2Kudos

0Solutions

Solved: Go to Solution

Bank unreconciled last 5 years

I have a new client that used to use this MYOB file when he ran his own business until 5 years ago.  He began using the file again in the Dec 2020 quarter.  My problem is there are multiple accounts with unreconciled transactions going back to (in some cases) 2014.  The file is still in the 2014 FY.

 

My problem is I need to start with a fresh opening balance that matches the statements I have been given. 

 

I understand best practice is to reconcile to the correct balance to date, but he isn't going to pay me to do that.  

 

Can I put through an entry to bring the bank balance to the correct figure without reconciling anything that isn't in the current financial year and set up a 'query with business owner account' to allocate it to?  I know this probably isn't a great solution, especially as his reports with be meaningless as they are full of old balances.

 

Any advice greatfully appreciated.

 

Chris

 

 

 

3 REPLIES 3
Tracey_H
MYOB Moderator
5,716 Posts
MYOB Moderator
MYOB Moderator

5,716Posts

786Kudos

909Solutions

Accepted Solution Solved

Re: Bank unreconciled last 5 years

Hi @ChristineE 

 

Thanks for your post. From an Essentials perspective you could record a general journal to allow you to manually reconcile those accounts. However, I would recommend checking with the accountant about the applicable account and if this is the best method for this situation.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

ChristineE
Partner
3 Posts
Partner
Australia
Partner

3Posts

2Kudos

0Solutions

Re: Bank unreconciled last 5 years

Hi Tracey

 

Thanks for your suggestions.

 

In the end I decided to ask the client to go back to his accountant and see what they decided.  They came back with starting a new file, which I feel is the best solution.

 

It is a MYOB Account Right file. 

 

I appreciate your response.

 

Kind regards

Christine

Tracey_H
MYOB Moderator
5,716 Posts
MYOB Moderator
MYOB Moderator

5,716Posts

786Kudos

909Solutions

Re: Bank unreconciled last 5 years

@ChristineE 

 

Hi Christine

 

You're very welcome. I'd be inclined to agree with you that starting a new file is the best option in this type of situation.

 

Please feel free to post again if you need help in the future.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post