When you'rereconciling 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.
What can cause an out of balance?
An out of balance will be caused by a problem in your current reconciliation or a previous reconciliation.
Get expert help resolving out of balance reconciliations –invite your accountant or bookkeeperinto your MYOB file so they can investigate the issue and help you fix it.
To check where the out of balance occurred
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 theBankingmenu and chooseReconcile accounts.
Enter theBank statement closing dateas the same date as yourLast reconciled date.
Enter yourClosing bank statement balanceas the closing balance on yourLast reconciled date(you might need to check your previous bank statement for this).
Deselect all transactions on theReconcile accountpage.
If there is noOut of balance, the problem is with your current reconciliation. If there is anOut of balanceyou'll need to check your previous reconciliations as a previously reconciled transaction may have been changed or deleted.
Check the current reconciliation
Here are somethings to look out for:
if this is your first reconciliation, check that yourcategory opening balancedoesn't include any uncleared transactions. If it does include uncleared transactions, change the opening balance.
did you type the correct figure in theClosing bank statement balancefield? 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 theBank statement closing datefield? 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.
Check previous reconciliations
Go to theReportingmenu and chooseReports.
From theBankingsection click to run theBanking reconciliationreport.
For theBank statement date, enter or select the date of your previously reconciled bank reconciliation. If you're not sure of the dates, check theBanking reconciliation report(Reportingmenu >Reports>Bankingtab >Banking reconciliation).
Work backuntil you find a monthwhere theout of balance is zero ($0.00). This identifies that thesuspect transaction(s)will have occurredin the following month.
Identify which transaction(s) arecausing the out of balance by comparing the Banking reconciliation report with the corresponding bank statement.
Correct the transaction(s) causing the out of balance. You can open a transaction to edit or delete it by clicking its reference number. SeeEditing bills,Editing invoicesorDeleting transactions.
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 category opening balance.
Undoing a reconciliation
If your issue relates toa previous reconciliation (perhaps a transaction was incorrectly reconciled, or awrong date was used) and you haven't been able to fix these issues, tryundoingthe 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.
To undo a bank reconciliation
From theBankingmenu chooseReconcile accounts.
If you only want to show reconciliations you've completed on a particular bank account, choose it from theBank account dropdown list.
ClickUndo last reconciliation.
ClickYesto the confirmation message.
