Kurawa's Blog

How To Reconcile Your Bank Account In MYOB Accounting

It's easy to reconcile your bank account in MYOB.
These are the tutorials:
To do this, go to the Banking command centre and click Reconcile Accounts.

Let’s reconcile the cheque account used so far in this tutorial. Although we have entered only two transactions, this will serve as an example of how spending and receiving cash relate to account reconciliation. To make the example more realistic, we will also add a bank charge to the bank statement. Let’s assume we received a bank statement dated 8/8/2002. The closing balance appearing on the statement is $24,495.
The statement shows three transactions:
• A deposit of $30,000
• A cheque for $5,500
• A bank charge of $5

To reconcile your cheque account:
1. Select the Cheque Account by typing 1-1110 in the Account field.
2. Tab to the New Statement Balance field and enter $24,495.
3. Enter 8/8/02 in the Bank Statement Date field. Press TAB.
Notice that the out of balance amount is –$24,495, and that the two transactions we have entered appear in the scrolling list. (Only transactions dated on or before the Bank Statement Date will appear.)
Now we need to match the transactions appearing on the bank statement with those listed in the Reconcile Accounts window.
4. Click in the column to the left of the transactions, and across will appear. The Out of Balance figure should reduce to $5.
The $5 out of balance amount suggests that there is a difference of $5 between the bank statement and the cheque account in your company file. In our case, the difference of $5 is due to the bank charge not being entered in the
company file.
5. Click the Bank Entry button. The Record Service Charges and Interest Earned window is displayed.
6. Enter the service charge of $5, and select the Bank Charges expense account (6-1900). Type Bank Fee in the Memo field and click Record.
The Out of Balance amount should now be $0. This means that MYOB’s records match the bank’s records. We can be confident that the Cheque Account transactions entered in
your MYOB software are accurate.
7. Click Reconcile. A dialog appears. You can print the Reconciliation report for your records or just click Reconcile again to finish. (If we didn’t reconcile the account, we may have missed the bank charge and our chequebook would
show the incorrect balance.)
8. Click Cancel to return to the Banking command centre.