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campaignr's avatar
campaignr
Experienced User
3 years ago

Bank Reconciliation - Calculated closing balance problem

I have recently set up MYOB Business Lite for a small non-profit. The previous Treasurer of the organisation was maintaining handwritten books.  I have encountered what appears to be an error with the calculated closing balance of a bank account.

The non-profit opened and deposited $141.50 into a bank account on 16/11/2018. Accordingly, after entering the deposit as Receive Money, the calculated bank balance for 16/11/2018 should be $141.50.  However, MYOB is presenting a calculated closing balance of -$8,958.14.  I need to figure out why it is doing this and fix it. It is stopping me from being able to reconcile the bank account.

Banking
Calculated Closing Balance
reconciliation
  • Tracey_H's avatar
    Tracey_H
    3 years ago

    Hi campaignr 

     

    Sorry to see that no one has replied to you yet. If you go to Accounting>>Chart of accounts>>open that account, is there an Opening balance?

     

    If you're still having problems with this can you please send me screenshots in a private message.

  • Tracey_H's avatar
    Tracey_H
    Former Staff
    3 years ago

    Hi campaignr 

     

    Sorry to see that no one has replied to you yet. If you go to Accounting>>Chart of accounts>>open that account, is there an Opening balance?

     

    If you're still having problems with this can you please send me screenshots in a private message.

    • campaignr's avatar
      campaignr
      Experienced User
      3 years ago

      Hello Tracey_H and thank you for your reply. 

      Yes, the opening balance for the account was $0 but the MYOB calculated current balance showed that negative value coming through into the calculated closing balance. I've no idea why that was occurring.

      Nevertheless, I've fixed the problem by just resetting and redoing the books for this entity in their entirety. There were fewer than 500 transactions, so it didn't take too long (and it was quicker than waiting for a solution from the community).

      All accounts are now accurately reconciled and the calculated closing balances appear to be calculating correctly. 

  • campaignr's avatar
    campaignr
    Experienced User
    3 years ago

    Update: I have checked every transaction and the calculated closing balance is wrong. Somehow the calculated closing balance for dates pre-dating the opening of the bank account is -$9,099.64. Other than that error, all the bank transactions reconcile. Why would MYOB calculate a negative closing balance for dates prior to the first bank transaction? How can this erroneous calculated closing balance be fixed?

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