Just upgraded from old MYOB Essentials and your bank rec doesn't look right? This might be because of an unsaved reconciliation in your old MYOB Essentials – see Check your MYOB business after upgrading.
When you're reconciling a bank account, an out of balance amount tells you that something isn't quite right. So you need to work out what's gone wrong.
An out of balance will be caused by a problem in your current reconciliation or a previous reconciliation.
The key to determining where the out-of-balance amount occurred is by narrowing it down to current or previous reconciliations.
Here's how to do this:
Go to the Banking menu and choose Reconcile accounts.
Enter the Bank statement closing date as the same date as your Last reconciled date.
Enter your Closing bank statement balance as the closing balance on your Last reconciled date (you might need to check your previous bank statement for this).
Deselect all transactions on the Reconcile account page.
If there is no Out of balance, the problem is with your current reconciliation. If there is an Out of balance you'll need to check your previous reconciliations as a previously reconciled transaction may have been changed or deleted.
Here are some things to look out for:
if this is your first reconciliation, check that your account opening balance doesn't include any uncleared transactions. If it does include uncleared transactions, change the account opening balance.
did you type the correct figure in the Closing bank statement balance field? You need to type the closing balance from your bank statement, not the opening balance.
did you enter the correct date (that of the closing balance from your bank statement) in the Bank statement closing date field? An incorrect date may prevent some transactions from appearing in the list.
did you select all the transactions that appear on the bank statement? If not, some transactions might not have been accounted for in the reconciled balance.
did you select, by mistake, a transaction that didn’t appear on your bank statement? If yes, you need to deselect this transaction.
Go to the Reporting menu and choose Reports.
From the Banking section click to run the Banking reconciliation report.
For the Bank statement date, enter or select the date of your previously reconciled bank reconciliation. If you're not sure of the dates, check the Banking reconciliation report (Reporting menu > Reports > Banking tab > Banking reconciliation).
Work back until you find a month where the out of balance is zero ($0.00). This identifies that the suspect transaction(s) will have occurred in the following month.
Identify which transaction(s) are causing the out of balance by comparing the Banking reconciliation report with the corresponding bank statement.
Re-reconcile the corrected transaction(s).
Repeat with each subsequent reconciliation until no more out of balances are found.
If no reports balance it is possible you have changed your account opening balance.
Undoing a reconciliation
If your issue relates to a previous reconciliation (perhaps a transaction was incorrectly reconciled, or a wrong date was used) and you haven't been able to fix these issues, try undoing the last reconciliation. All transactions for that period will return to an unreconciled state, and you'll need to reconcile them again using the previous bank statement.
From the Banking menu choose Reconcile accounts.
If you only want to show reconciliations you've completed on a particular account, choose that account from the Account dropdown list.
Click Undo last reconciliation.
Click Yes to the confirmation message.