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MYOB – Bank Reconciliation – Reimbursement not paid – Can it be Reconciled?
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Published on Thursday, 15 January 2015 15:44
Client called – In June, I entered expenses I paid but wasn’t able to reimburse these amounts from the bank account (as we were low in cash). Therefore the June 30th bank account balance doesn’t reconcile with the computer accounts at June 30th. However the accounts will reconcile now in July. Last reconciliation was 6/6. Is it allright for the accountant to do my tax return if I do the next reconciliation from 7/6 to 2/8 for the end of year requirements or is it a must that both MYOB and Bus Bank Account reconcile exactly on 30/6?... and if so, how can I adjust this?
Answer – It won’t matter if expenses were not reimbursed by 30 June – they will sit there and wait until they appear on the bank statement, when you were able to pay, even if it’s the next month. They will be claimed in the year ending 30 June. Yes you need to reconcile to 30 June – that is the year end, and that is the date to balance to – all entries in, all sales, all purchases and all expenses paid. On the bank statement, rule off at 30 June and reconcile to there. (Or use the financial year end that relates to your country/region).
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