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About bank reconciliation and bank reconciliation report

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About bank reconciliation and bank reconciliation report

We were flat using the bank reconciliation, but when we used the bank reconciliation report, the account balance exceeded the reconciliation balance by $34.65. I have tried all kinds of methods, but can't solve it. The amount of $34.65 has always been there, and it can't be balanced. What should I do? This issue started appearing on November 1, 2021.

What do I do next? How do I fix this problem? 

Ultimate Cover User
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Ultimate Cover User
Ultimate Cover User




Re: About bank reconciliation and bank reconciliation report



If your bank doesn't reconcile it means that there is either an additional transaction or a missing transaction.


You say that the difference is in excess so that would indicate an additional transaction.


A reconciliation verifies the transactions in myob to the transactions on your bank statement - so you need to find the transaction that is incorrect.


I would suggest firstly that you do a find transaction ( Banking tab -last entry)

Select the bank account and change the date range (make it a broad as possible as you say the amount has always been there) and then enter the amount you are looking for $34.65


See what comes up - hopefully there will be some transactions


So you would look for either a doubled up transaction or a transaction in MYOB that does not appear on your bank statement.


That makes it easy to resolve - as the transaction is from another period I suggest that rather than undoing reconciliations , just to do a transaction to offset it as at 30/6 . What I mean is if it is a spend money do a receive money with the same details as the original transaction.


If that doesn't help then you will need to find where the out of balance first occurred and then go through the bank transactions to see if you can find the problem


Hope this helps



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