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MYOB – The right way to Reconcile a Bank Statement

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Within the Banking command centre, click on on Reconcile Accounts. On the high of the window select the Account Code you want to reconcile. This generally is the Cheque Account however you may as well reconcile saving accounts, petty money accounts, bank cards or another accounts which have been arrange as Bank Accounts. Enter the Date from the underside of your Bank Statement and the Stability in your Statement fake bank statement.

An inventory of all of the Deposits and Withdrawals that you’ve got entered in MYOB will seem within the window. These Deposits and Withdrawals can be transactions that you’ve got entered by Receiving Funds within the Gross sales command centre, Paying Payments within the Purchases command centre, Spending Cash and Receiving Cash within the Banking command centre.

Utilizing the transactions recorded on you Bank Statement, examine off solely the matching transactions by clicking within the Left Hand column underneath the examine mark. As you do that MYOB will Calculate what it believes your Statement Stability needs to be. You’ll come throughout transactions that you haven’t entered akin to Bank Charges or Curiosity Obtained which might simply be added by utilizing the Bank Entry possibility on the backside of your window. Merely click on on this and add the Quantity, I.D., Date, Expense or Revenue Account Code, examine that the Tax Code is appropriate and Document the transaction. This can now seem within the Bank Reconciliation window and can should be checked off.

The Get Statement possibility is a sophisticated characteristic and is printed in my Turning into A Professional video collection during which it exhibits you tips on how to obtain and import a statement into MYOB after which tips on how to match the transactions you have got recorded in MYOB to the bank statement. The Undo Reconciliation is self explanatory and is used when you have got mistakenly reconciled your account solely to discover a transaction was incorrect and must be re-entered.

MYOB won’t let you Reconcile the account whether it is Out of Stability. Some causes for this are easy transposing of numbers i.e. $100.63 was entered as 100.36. When you have an Out of Stability quantity you have to discover the inaccurate entry and proper it or add any transactions you’ll have left off.

After getting Balanced your account you then click on on Reconcile on the backside of the window. A small window will seem prompting you to Print Report earlier than finishing your Reconciliation. It’s advisable to print this report so that you’ve got a tough copy to connect to the Bank Statement. After getting accomplished this report, you may be taken again to the Reconciliation window the place you click on Reconcile once more and Reconcile within the smaller window. All of the Cleared Transactions will now disappear leaving solely the Unpresented Deposits and Withdrawals that haven’t but appeared on the Bank Statement.

MYOB mechanically shows the transactions in Date order however you even have the choice to show the transactions utilizing the ID No. It can show numbers first adopted by an alpha-numeric sequence. On the backside of the screen there are two icons Date and ID No. that you just click on on to implement your choice.