Calculated bank balance not same as bank statement closing balance

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TessaShalay
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Calculated bank balance not same as bank statement closing balance

Hi

 

I am a new user of MYOB essentials and am not making heads or tails of the reconciliation balances.  I have entered all the months data (i am working on data from October 2019 - the first month i had the program), i know it is all correct, i have checked it about 5 times.  I am doing the data entry manually as the bank feeds were not set up in that period of time.  There are no previous reconciliations.  I have not had to put in an 'opening' balance anywhere.  When i have marked all the correct debit and credit amounts to reconcile, the'calculated bank balance' and 'MYOB essnetials balance' do not match my bank statement closing balance.  Please help me, i am so confused and have already spent so much time trying to search troubleshooting for this and figure it out.  It has got me beat.

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MYOB Moderator Tracey_H
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MYOB Moderator
MYOB Moderator

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Re: Calculated bank balance not same as bank statement closing balance

Hi @TessaShalay 

 

When you set up Essentials you enter an opening balance for your accounts.  If this wasn't done it would explain why your bank account does not reconcile.

 

This support note, Entering opening balances, explains how to enter the opening balances.

You might also find the troubleshooting section in this support note helpful - Reconciling with a paper statement

 

If you did enter opening balances and the troubleshooting steps in the support note don't help, please let me know so that we can figure it out.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

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

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