Reconcile Accounts
Normal Bank Reconciliations
Click on the Reconcile Accounts function in the Chequebook command centre. The following screen will be displayed.
Account: Press TAB to bring up a list of all your accounts. Select the account to be reconciled by clicking on it (the account will be highlighted). Click on Use Account .
Last Reconciled Date: M.Y.O.B. displays the date that this account was last reconciled. This is the date you entered in the Date of Bank Statement field the last time you reconciled this account.
Bank Statement Date: Type the date on your bank statement in this field. Press TAB.
New Statement Balance: Type the ending balance from your bank statement in this field. Press TAB.
Calculated Statement Balance: : M.Y.O.B. will display its current balance of the account you selected.
Out Of Balance: This field shows the difference between the current balance of the selected account and the balance entered in the field New Statement Balance .
All unreconciled transactions from the account are displayed.
Click on the
Date
button to show the transactions in date order.
Click on the
ID#
button to show the transactions in ID Number order.
Click the column to the left of the transaction for every transaction that is
on your bank statement, to select it. A cross will appear in this column.
If you select the wrong transaction, click again on the cross to de-select that
transaction.
Click on Reconcile . M.Y.O.B. does all the adding and subtracting for you.
If the balances do not agree, an Out of Balance amount is displayed. This can be caused by a number of things. Some of the common errors are:
- You haven't selected all the transactions that appeared on the bank statement
- You've selected a transaction that is not on the bank statement
- A transaction is on your bank statement but not entered into M.Y.O.B.
- The New Balance From Bank Statement was entered incorrectly.
- The amounts of the individual cheque deposits and repayments are not the same on the bank statement and in M.Y.O.B. For example, one has an amount $1122.00 and one has an amount $1212.00.
Check your work for errors and correct any mistakes.
Click the
Reconcile
button again.
If the calculated balance agrees with the balance on the bank statement, a message to this effect is displayed. Click on the Reconcile button again to remove all selected (reconciled) transactions from this screen. The unreconciled transactions will remain for the next bank reconciliation.