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Luckyrooh1's avatar
Luckyrooh1
Contributing User
16 days ago

AR Reconciliation out of balance

Hello Team, 

 

So one of our client has an out-of-balance amounting to $1,415.62. I tried to trace it but it is simply way way back 2017 or so... tracing it is quite laborious, so we came up with an idea to correct it in FY2023 so that it will stop popping on the future AR reconciliations. Do you have an idea of how to correct this? I have attached the snippet for your reference. 

 

So we plan to match the receivables account into $169,213.06 to match the invoices.  Thank you in advance

4 Replies

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  • Shella_A's avatar
    Shella_A
    MYOB Moderator
    14 days ago

    Hi Luckyrooh1,

     

    I appreciate your post. When reconciling a bank account, an out-of-balance amount indicates an issue. You need to identify the problem. If your reconciliation is out of balance, a future-dated reconciliation might help. If not, you may need to undo and redo the reconciliations from where the imbalance occurs. Always consult your accountant when planning to match the receivables account into $169,213.06 to avoid errors. For more details, refer to our guides on fixing out-of-balance bank reconciliations.

     

    Feel free to post again anytime you require further assistance.


    If my response has answered your inquiry, please click "Accept as Solution" to help other users find this.

     

     

    Kind regards,

    Shella

    • Luckyrooh1's avatar
      Luckyrooh1
      Contributing User
      11 days ago

      Hello Shella, 

      Thank you for this. but it is not a bank reconciliation, its accounts receivable reconciliation and the variance is way back 2017. or so... tracing it is quite unimaginable.

       

      If posting a General Journal will bridge the gap, as the GL balance of the Accounts receivable is lower in the report. how to do the General Journal for Accounts Receivable?

      • Doreen_P's avatar
        Doreen_P
        MYOB Moderator
        11 days ago

        Hi Luckyrooh1,

         

        When doing general journal entry, you may refer to this link for more information. However, I would still highly recommend speaking with your accountant to make sure everything will be entered correctly.

         

        Feel free to post again anytime if you require further assistance. 
         
        If my response has answered your inquiry, please click "Accept as Solution" to assist other users in finding this information.

         

        Best regards,

        Doreen

  • Liz_A's avatar
    Liz_A
    Valued User
    14 days ago

    Hi Luckyrooh1 

     

    Maybe try using a general journal and code directly to the AR account (click OK to use the account) to bring it back into line with the balance sheet. You would need to make it a sales journal and code the other side to sales I would expect - I'm not an accountant so you may need advice on where to code it to.

     

    Cheers

    Liz