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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 th...
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. 

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