Fixing a reconciliation difference

1. Go to Banking and choose Bank transactions.

2. Click Reconcile.

3. Choose the bank account you want to reconcile.

4. Confirm you've correctly entered the Statement end date and Bank balance from your bank statement.

5. If there is a Difference amount, review the reconciliation summary to see what’s already confirmed for reconciliation and what still needs review.

   

6. Use the Match status and Recommendation columns to find the records causing the difference. In the Recommendation column, click an action to go to what needs to be fixed:

   1. Match an unmatched transaction. Click Find a match to open an unmatched bank transaction in the Not Matched view. Choose from suggested matches, if there are any, or manually match the bank transaction (need a refresher on matching bank transactions?)

   2. Check the record date in a transaction record. This recommendation appears when either the MYOB record date or the bank transaction date is outside the statement date range. Click the reference number to open the transaction record and review the date. If needed, update the record so it reflects the correct transaction date for reconciliation.

      A matched transaction can appear in the Reconcile view if either the bank transaction date or a matched MYOB record date is within the statement date range. If you don't want to include the transaction in this reconciliation, leave it unticked.

7. Use filters or sorting if you need to narrow the list to records that still need review.

8. If there are uncleared transactions, mark them as cleared (select them) if they appear on your bank statement. You might have uncleared transactions if, for example, you're performing a monthly reconciliation but you applied for bank feeds part way through the month.

9. Click Refresh list to reload the Reconcile view with the latest changes.

10. Click Save progress if you want to save your work and come back later.

11. Keep reviewing until you've addressed any recommended actions, there are no uncleared transactions and the Difference is $0.00.

12. Click Finalise to complete the reconciliation.

    You can only do this step if the Difference is $0.00.

13. Click the confirmation message if you want to download the reconciliation report. This provides a summary or detailed report for each bank reconciliation you've completed on each of your categories.

Still getting a difference?

Here are some other things to look out for:

• if this is your first reconciliation, check that your category opening balance doesn't include any uncleared transactions. If it does include uncleared transactions, change the opening balance.

• 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.

1. Go to the Reporting menu and choose Reports.

2. From the Banking section click to run the Banking reconciliation report.

3. 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).

4. 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.

5. Identify which transaction(s) are causing the out of balance by comparing the Banking reconciliation report with the corresponding bank statement.

6. Correct the transaction(s) causing the out of balance. You can open a transaction to edit or delete it by clicking its reference number. See Editing bills, Editing invoices or Deleting transactions.

7. Re-reconcile the corrected transaction(s).

8. Repeat with each subsequent reconciliation until no more out of balances are found.

If no reports balance it is possible you have changed your category opening balance.

If the same transaction has been entered twice, or if a transaction is missing from MYOB, your MYOB balance can be wrong.

Compare the transactions in MYOB with your bank statement for the reconciliation period.

Use the Find transactions page to do this (more about finding transactions).

If a transaction was edited or deleted after it was reconciled, the balances may no longer match.

Review any recently changed records that affect the account you’re reconciling. A quick way of doing that is to run the Journal security audit report (Reporting menu > Reports > Journal security audit).

More about checking your file for changes

1. Go to the Banking menu and choose Bank transactions.

2. Click Reconcile.

3. Choose the bank account for the reconciliation you want to undo.

4. Click Undo.

5. At the confirmation message, click Yes, undo reconciliation.