I am trying to do my 1st bank reconcilation. I have put the correct closing bank statement balance in and then ticked all the transactions but it is still showing out of balance? All th4e payments are matched or allocated. I am not surte what I am doing wrong?
Hi RachelSC,
Thanks for posting your concern in the forum.
Learning a new program can definitely have its challenges, but you're doing great. Regarding your question, reconciliation can be influenced by three key factors: your previous reconciliation (which doesn't seem applicable here), transactions you've marked as checked in the reconcile accounts window, and the opening balance. To address your issue, I'd suggest double-checking your chart of accounts to ensure the opening balance is set correctly. This should help resolve your concern.
Additionally, I recommend taking a look at the article 'Fixing out of Balance Bank Reconciliations'. It's packed with useful info about reconciliations that might come in handy for you in the future.
If you need any more help, don't hesitate to reach out. We're here to support you every step of the way!
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Thanks,
Genreve
Thank you for this. I have noticed in the chart of accounts that the opening balance date has been set to 1/7/23 however we did not start using myob till March this year. Does this mean I need to go back through and allocate all the previous expenses and sales up to July 23?
