MYOB – How to Reconcile a Bank Statement

Suggest Article Comments Print ArticleShare this article on FacebookShare this article on TwitterShare this article on LinkedinShare this article on RedditShare this article on PinterestExpert Author Sonya McLaughlan In the Banking war room, click on Reconcile Accounts. At the highest point of the window pick the Account Code you wish to accommodate. This regularly is the Check Account yet you can likewise accommodate saving records, unimportant money accounts, Mastercards or whatever other records that have been set up as Bank Accounts. Enter the Date from the lower part of your Bank Statement and the Balance on your Statement.

A rundown of the multitude of Deposits and Withdrawals that you have entered in MYOB will show up in the window. These Deposits and Withdrawals will be exchanges that you have entered by Receiving Payments in the Sales war room, Paying Bills in the Purchases war room, Spending Money and Receiving Money in the Banking war room.

Utilizing the exchanges recorded on you Bank Statement, confirm just the matching exchanges by clicking in the Left Hand segment under the mark. As you do this MYOB will Calculate what it accepts your Statement Balance ought to be. You will run over exchanges that you have not entered, for example, Bank Fees or Interest Received which can without much of a stretch be added by utilizing the Bank Entry choice at the lower part of your window. Just snap on this and add the Amount, I.D., Date, Expense or Income Account Code, make sure that the Tax Code is right and Record the exchange. This will presently show up in the Bank Reconciliation window and should be verified.

The Get Statement choice is a high level element and is framed in my Becoming A Pro video series in which it tells you the best way to download and bring an assertion into MYOB and afterward how to match the exchanges you have kept in MYOB to the bank explanation. The Undo Reconciliation is plain as day and is utilized when you have erroneously accommodated your record just to find an exchange was wrong and should be returned.

MYOB won't permit you to Reconcile the record in the event that it is Out of Balance Fake bank statements. A few purposes behind this are basic translating of numbers for example $100.63 was placed as 100.36. Assuming you have an Out of Balance sum you should find the wrong section and right it or add any exchanges you might have left off.

Whenever you have Balanced your record you then, at that point, click on Reconcile at the lower part of the window. A little window will seem provoking you to Print Report prior to finishing your Reconciliation. It is fitting to print this report so you have a printed version to connect to the Bank Statement. Whenever you have finished this report, you will be returned to the Reconciliation window where you click Reconcile once more and Reconcile in the more modest window. Every one of the Cleared Transactions will currently vanish leaving just the Unpresented Deposits and Withdrawals that poor person yet showed up on the Bank Statement.

MYOB naturally shows the exchanges in Date request however you likewise have the choice to show the exchanges utilizing the ID No. It will show numbers originally followed by an alpha-numeric arrangement. At the lower part of the screen there are two symbols Date and ID No. that you essentially click on to carry out your inclination.

Assuming you might want to more deeply study my Starting Out series visit Warm respects Sonya McLaughlan