Troubleshooting bank reconciliations

Use these tips to help you complete a reconciliation when your calculated bank balance doesn’t match the closing balance on your bank statement.

1. Check the following:
   • does the date you entered in the Reconciliation date field match the last date covered by your bank statement (that is, the closing date)? If these dates are different, some transactions that are on your statement might not appear in the list.
   • are you looking at the correct amount on your statement? You need to compare the closing balance from your bank statement (that is, the balance of the account at the end of the statement period) with the value in the calculated bank balance field. Make sure you’re not looking at the opening balance on your statement.
   • did you record all transactions that appeared on the bank statement but which hadn’t yet been entered in MYOB Essentials (such as bank charges, interest, or direct deposits from customers)? If not, you can click Save, and enter these transactions. You can then return to the reconciliation, where you’ll be able to select these transactions for reconciliation.
   • did you select all the transactions that appear on the bank statement? If not, some transactions might not have been included in the calculated bank statement balance.
   • have you selected any transactions that aren’t on your bank statement? Sometimes a transaction might not appear on your bank statement until the following month. For example, a supplier might not cash your cheque immediately. If you’ve selected any of these transactions, you need to deselect them.
2. Repeat the reconciliation procedure
3. If the closing balance on your bank statement still doesn’t match the amount in the calculated bank balance field, you might have deleted an MYOB Essentials transaction that has been previously reconciled.
   If you have deleted a previously reconciled transaction:
   1. Re-enter the transaction in MYOB Essentials.
   2. Select it for reconciliation in the Bank reconciliation screen.
   3. Repeat the reconciliation procedure.

Updating a completed reconciliation

1. In the Bank reconciliation screen, select the date of the reconciliation you want to update from the Reconciliation date dropdown.
2. The list is updated to show the transactions included in that reconciliation. If the reconciled transactions aren’t visible, click Show reconciled to see them.
3. Select any transactions that you want to add to the reconciliation, and deselect any transactions you want to exclude. Note that you can’t make any changes to the reconciliation status of transactions that have been automatically reconciled.
4. If you want to include a transaction that was accidentally reconciled in a later transaction (that is, a transaction displaying the Manually reconciled on a later date icon, ( ), select it.
5. When you’re done, and the calculated bank balance matches the closing balance from your bank statement, click Update reconciliation. The reconciliation is updated and you’ll be able to view it in future by selecting it from the Reconciliation date dropdown.

How do I unreconcile a transaction?

Transactions from bank feeds or imported bank statements are automatically reconciled and this feature can't be disabled. If the transaction was auto-reconciled via bank feeds or an imported bank statement, it's easy to unmatch the transaction. If the transaction was manually reconciled, you'll need to undo the reconciliation it belongs to.