When you reconcile a bank account, you're comparing the transactions and closing balance at your bank for a specific period, with the transactions and balance in MYOB Essentials Cashbook. Reconciling is especially important if you've entered or imported bank statements, or made journal entries. You should also do a bank reconciliation the first time you've set up all your accounts.
Even if you have bank feeds set up, you may still want to reconcile your bank accounts at the end of each month, quarter or year.
To reconcile, you simply have to specify the period that the bank statement covers, and enter the closing bank balance. The transactions and expected closing balance in MYOB Essentials Cashbook for that period will appear. You can then compare the balances and the transactions and make sure that everything matches up.
To reconcile a bank account
Have you set an opening balance?
- Open the cashbook for the relevant business.
- Go to Banking> Bank Reconciliation. The Bank Reconciliation page appears.
- Choose the bank account that you want to reconcile.
- From the details on your bank statement, enter:
- The dates that the bank statement covers, in the From and To fields
The closing balance on the bank statement, in Closing balance at bank. If you have a bank feed set up for this account, this amount will appear automatically, but you can still edit the amount.
- Click Update. The transactions for that period will appear below.
The Cashbook opening balance and the Cashbook closing balance also appear. If there is a mismatch with the Closing balance at bank, the relevant amount will appear in the Out of balance field. Compare all the transactions listed here with the transactions that appear on your statement, and check if the closing balances match. If there is a mismatch, you may need to review all the details again–including the opening balance as in MYOB Essentials Cashbook. You may also need to enter any missing transactions as required.
- If you want to save the reconciliation, click PDF. A PDF file of the reconciliation opens in a new window.