MYOB Bank Reconcile

Bank Reconcile

A Bank reconcile is when the bank account on MYOB is compared to the statement from the bank to find out what transactions have been processed and if there are any extra transactions that have not been put into MYOB

To do this the first step is to load MYOB up and go to the banking tab and on the flowchart click on reconcile account. You will need the bank statements that you plan to reconcile in front of you.

1. Choose the correct account to reconcile which in this case would be the bank account

2. Put the correct bank statement date to the bank statement that you are going to reconcile.

3. Enter the new statement balance which is going to be the ending balance in the bank statement that you are entering.

Once you have done this you should see a list of all the transactions that have yet to be reconciled on MYOB. You should start at the top of your bank statement and on MYOB tick off each transaction you can find that is on both MYOB and the statement. You tick it off by clicking on the transaction on MYOB and you should see a ticked box on the left side of it. You can untick a transaction by clicking on it again.

You may need to use the paying in book to be able to find out where some of the transactions have came from and then you can see the transaction split into different parts to see which ones need ticking off on MYOB.

Sometimes its also possible that a transactions you are looking for is actually after the statement date, so you can always search for the client name that appears on the bank statement. To do this minimise the reconcile accounts with the “-” button which is in the top right hand corner of the reconcile accounts screen. You can then click find transactions and click card as below.

You can then search for the clients name that appears on the bank statement and see if and when there is any transactions and if the bank statement is accurate. You can then change the date of a transaction you find to the same date on the bank statement so that it is accurate.

Once you have done this you can maximise the bank reconcile accounts to bring it back up as it will be hiding in the bottom left corner and look like below.

Once you have ticked off all the transactions in the bank statement it should balance like the one below

If it does not balance you need to find out the reason for it not reconciling and if there are any missing transactions on MYOB then you will need to add them. An example would be bank interest given by the bank which would need to be added to MYOB. To do this you would need to go to receive money.

Once it reconciles you can press the reconcile button and then write on the bank statement that it had been reconciled and write todays date.

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