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How to correct duplicate entry of an old expense

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AmandaZ
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How to correct duplicate entry of an old expense

Hi, hoping someone can help me. I've been doing our home business books for years but let me just say upfront I am a TOTAL amateur and accounting lingo goes straight over my head! Not sure how I've even gotten this far really....

 

Anyway, I have always had a problem of an old transaction for an expense showing up when I go to reconcile my accounts. It dates back to 2010 and appears to be unreconciled. Having thought I did everything correctly and still being able to reconcile each quarter at BAS time, I didn't worry too much and just left it.

 

Six years on I've now purged a heap of old data including unreconciled transactions, which means it's now disappeared at reconcilation time. Problem is, my accounts now won't reconcile. I've manually checked my bank account against what's in MYOB and its definately correct. The amount it thinks I am out is coincidentally the exact amount of this old transaction that was recently purged (of course!). 

 

I've dug through some of my backup files and have finally realised that this unreconciled transaction that was sitting there this whole time was in fact a duplicate transaction! MYOB was trying to tell me something the whole time and the amateur I am I ignored it!

 

What should I do now to fix this? Bearing in mind this duplicate transaction is not there anymore, it's been purged. It is saying it's calculated a balance on my account less than what I entered, so I'm out -$1,417.05.  

 

To compound thngs, we are still using a really old MYOB. Business Basics from 2008!

 

Thanks in advance Cat Happy

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MYOB Staff Post LeightonJ
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LeightonJ
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Re: How to correct duplicate entry of an old expense

Hi @AmandaZ

 

First of all I would like to extend the warmest welcome to the MYOB Community Forum.

 

I must say that is indeed a very difficult predicament you are having and all I could say is 'ouch'. However there are 2 ways to fix this 1 way is to go back to the most recent back up that would still have the duplicate transaction and figure out a way to fill all the missing gaps and if my assumption would be correct will be 6 years worth of entries and that is the least ideal of situations that we want to find ourselves in. Another way is to create a journal entry to match this amount and type in the journal memo the reason for this entry (for reporting purposes); it's still not ideal as your report and reconciliation will now have an amount that you never had/spent. 

 

Hope this helps and please let us know how you get on.

 

 


Kind regards,
Leighton
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AmandaZ
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Re: How to correct duplicate entry of an old expense

Thanks Leighton.

 

Yep, don't fancy go back to correct everything over years so yes journal entry is the way. I suspected that may be the answer but am not a bookeeper so thought I'd check. 

 

So I have now done a journal entry to reverse this duplicate expense I had entered in 2010. Can I check I've done it right?

 

I have noticed the original expense shows my bank account credited with the amount, and then the particular expense account (eg subscriptions) debited and my GST paid account debited.  So assuming to reverse it I have done the opposite. I have debited my bank account the $1,417.05, credited the particular expense account $1288.23 and credited my GST Paid account $128.82. I have dated it 30/6/2016 as I have discovered this error while trying to reconcile my Apr-June period (for BAS) so want it to be reflected in this time period so it reconciles correctly. 

 

When I go to reconcile and it automatically checks my MYOB transactions against my imported bank account file, everything's fine except it naturally does not find this journal entry in my imported bank file so it isn't marked off and my account in MYOB still shows as out of balance and won't reconcile. I have to manually check the box next to the journal entry and then the account balances and I am able to reconcile.

 

Does that all sound correct to you?

MYOB Moderator Neil_M
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Neil_M
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Re: How to correct duplicate entry of an old expense

Hi @amandaz

 

Although I’m not an accountant, your logic about reversing a transaction is correct, in the sense of it being the opposite. If you still aren’t sure then I recommend you speak to your Accountant as this journal entry will have an impact on your BAS so you would want to make sure that was correct.

 

When it comes to reconcile the bank account, as the two amounts will cancel one another out You would have to make sure that both of them are ticked when you come to do the reconciliation in order to clear the two amounts from your bank reconciliation. But you are correct in being able to do that reconciliation by having it ticked.

 

Please feel free to post any other questions that you may have.

Regards,
Neil

MYOB Community Support

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