BANK RECONCILIATION

Regularly reconciling your bank accounts is one of the most important tasks in any business. It is the only sure way to verify the accuracy of many of the amounts entered in MYOB.

MYOB will enable you to check off all items on your bank statement against the corresponding MYOB transactions and then tell you whether your account is reconciled. If the account does not reconcile MYOB will tell you how much you are over or under. Once errors are identified they can then be corrected and another reconciliation attempted.

Before attempting reconciliation make sure you have first entered all Bank-Generated Transactions e.g. bank fees and charges, direct debits, interest, etc.

To reconcile the cheque account:

  1. Go to the Banking Command Centre
  2. Choose Reconcile Accounts
  3. Select the appropriate bank Account from the drop-down list
  4. Enter the Bank Statement Date per your bank statement
  5. Enter the New Statement Balance per the closing balance on your bank statement (use a minus sign, -, for overdrafts)
  6. Confirm that your previous reconciliation is still valid by first clicking the tick button to clear any previously checked items. Now check that the opening balance on your bank statement agrees with the Calculated Statement Balance
  7. Working from the bank statement, locate and check off with a tick each entry – do not proceed to the next item until any omissions or corrections are adjusted
  8. If an entry requires adjustment click the zoom arrow beside the entry to edit the original transaction
  9. As entries are checked off MYOB will recalculate the Calculated Statement Balance, which should agree to the daily balance on your bank statement – carry out spot checks to ensure you are still reconciled
  10. To quickly locate items, use the Date or ID # buttons to re-sort transactions
  11. When finished checking off all items on the bank statement, the Out Of Balance figure on your screen should be $0.00, indicating you have reconciled
  12. Click the Reconcile button
  13. MYOB will advise if you are Out Of Balance or Your Account Reconciles
  14. Click Print Report to produce a Reconciliation Report. This report should be attached to your bank statement
  15. Click Reconcile again, this time click Reconcile. All reconciled items will no longer be displayed and the screen will display the new reconciliation date

Before preparing your Business Activity Statement ensure your bank accounts are reconciled for the period. Any transaction errors will likely affect your GST commitments.

For further assistance: Contact Melanie Jenkins

Download this MYOB Help Sheet with accompanying images to assist you with each step below…

BANK RECONCILIATION

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