new myob essentials bank previous reconciliations revert to 'out of balance'

[CWtag]

Hello,

I never was given an opportunity to learn the new essentails system nor was I told it was even coming, so i've been chasing my tail ever since trying to figure it all out but also keep up.

I'm having a reoccuring problem now where my bank reconciliations from the past are now showing up as 'out of balance'. It is all the more confusing because the account I am reconciling right now (March) is balanced with the bank statement......so how can all the previous months be 'out of balance'? Wouldn't March then also be unable to match? Also, all the months which are showing as 'out of balance' i've already done - some completed before the new system and some since. Until March, all were COMPLETED and BALANCED. So I can't fathom how they do not balance now. I did make an error with two invoice payments coming in and allocated them to incorrect months during April, so I can see how those would have temporarily thrown things out, but now that i've found and fixed them it's still happening.

Also, am I even understanding the system correctly? The way I understand it, 'calculated closing balance' needs to match my closing bank balance, and I must type in that closing bank balance amount into the box on the top right next to 'closing bank statement balance'. Is this correct? That is what i've been doing.

Again, how can March balance perfectly when literally every single month i look up before March is 'out of balance'? And how can they be 'out of balance' when I had previously balanced them?

Please help!

Confused and dismayed here

Thanks in advance

[Tracey_H]

Hi @CWtag 

Thanks for your post. You're correct that you need to make sure the Closing Bank Statement balance is the closing balance from your bank statement and overtype that field if necessary. The Calculated Statement balance is the balance of the last reconciliation plus/minus the transactions ticked in the Reconcile accounts window. 

When all cleared transactions for the period are ticked the Calculated Statement balance needs to match the Closing Bank Statement balance in order for the account to reconcile.

Just like bank statements, bank reconciliations carry on from the previous one. If you change a reconciled transaction it will become unreconciled and throw out all subsequent reconciliations. In this situation you need to undo the reconciliations back to when the account first becomes out of balance and then re-do the reconciliations.

I'll also give you these Help Articles which have some general information on the changes in the newer MYOB Essentials platform:

Getting started after moving to the new MYOB Essentials 

Learn about general feature changes after upgrading 

There's also free online courses available on MYOB Academy to assist with learning the newer platform.

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.