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MYOB – Bank Reconciliation is Out of Balance – How do I Match the Bank Statement?
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Published on Monday, 04 August 2014 10:06
Client emailed - I have a problem with reconciling... I’m trying to do the bank reconciliation but I get an Out of Balance, and have checked off all transactions that I have in my system and matched to the bank statement, there is only one transaction that hadn’t showed up yet - they can take a few days. I have checked my MYOB book and have come up blank.
Should my New Statement Balance (closing balance on the bank stmt) and my calculated statement balance match???? Is this why I’m out of balance???? The more I look at it the more I get confused – Help!
Solution – You are correct - the New Statement Balance (closing balance on the bank stmt) and my calculated statement balance must match, and then the Out of Balance will come to 0.00 – meaning they are NOT out of balance! So type in the New Statement Balance as the amount from the end of the bank statement (closing balance).
If it is still out of balance, check:
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Haven’t ticked off a transaction by mistake
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Haven’t missed a transaction – eg see if you can find a transaction for the same amount as the out of balance
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