ACCOUNTEDGE BASIC RECONCILE ACCOUNTS HOW TO

To resolve the situation, you'll create a general journal entry in AccountEdge that reflects all of the uncleared checks/withdrawals and deposits that were recorded using your previous accounting method. This situation must be resolved before you can successfully reconcile the account.Ĭreate a general journal entry for previous accounting method transactions In order to reconcile the account using AccountEdge, all of the bank statement entries - including those transactions recorded using your previous accounting method - must appear in the Reconcile Accounts window of AccountEdge. That is, because you've changed your accounting method, some of the checks/withdrawals and deposits that appear as cleared on your bank statement were recorded using your previous accounting method (the transactions don't appear in AccountEdge) and some were recorded using AccountEdge (the transactions do appear in AccountEdge). When you reconcile an account for the first time using AccountEdge, some of the checks you wrote and some of the deposits you made before you began using MYOB AccountEdge will probably be reflected as cleared in your bank statement. While it's possible to clear these transactions during the Start a New Fiscal Year process - this will just mark them as cleared and will cause reconciliation problems moving forward.When you receive a bank statement and are ready to reconcile your checking account for the first time using MYOB AccountEdge, there is an extra step you must perform before you can begin successfully reconciling your checking account.Ī mix of transactions - previous accounting method and AccountEdge These usually indicate a transaction that was entered into AccountEdge but never actually cleared your account in real life.

ACCOUNTEDGE BASIC RECONCILE ACCOUNTS HOW TO

If you have transactions that you do not know why they are still showing as outstanding you may want to speak to your accountant about how to best handle them. If you have any trouble with this you do have the option of undoing your bank reconciliation - but often this is not necessary. If you changed information in a transaction that caused a transaction to become unreconciled (ie: it was actually included in a previous reconciliation) you should be able to just check off that transaction during your next reconciliation without any problem. You can then check off both the original transaction and the journal entry in the reconcile accounts window. Enter in either the debit or credit to balance the transaction.

Add a line to the transaction for the account that the transaction should have originally been posted to.

Enter in the dollar value of the transaction.

If the transaction was a deposit credit the original bank account

If the transaction was a check debit the original bank account.

Select the bank account the transaction was originally posted to.

Enter a memo to indicate the reason for the entry.

Enter in a date in the current year (generally either 1/1 or 12/31 - but it's up to you).

Please note - the transaction can only be recorded as of the beginning of the current Fiscal Year.

This will allow you to move the dollar value to the correct account and the journal entry and original transaction will balance each other out. If you have transactions that were entered into the incorrect account you can create a journal entry to clear the transaction. Transactions Posted to Incorrect Accounts You can then check off both the original transaction and the reversal in the reconcile accounts window.

Change the date of the transaction to be in the current Fiscal YearĪfter you've done this you can change your Security preference back if desired.

Select Edit > Reverse from the menu bar at the top of the screen.

Click on the arrow (double arrow) next to the transaction you want to clear.

Make sure that the first box is checked (Transactions can't be changed they must be Reversed).

Go to Setup > Preferences from the menu bar at the top of the screen.

Once the check is reversed you will be able to check off the initial check and the reversal in the Reconcile Accounts window (they will balance each other out) and reconcile them. As a note - the reversal has to occur in the current year. If you have checks that you've written from past years that never cleared the bank (ie: the checks were never cashed) you can reverse the check. How to handle these transactions depends on why the transactions are still there.

Often, users will have old transactions that they would like to clear from the Reconcile Accounts Window (Banking > Reconcile Accounts). Transactions Posted to Incorrect Accounts.Clearing Transactions from the Reconcile Accounts Window

Accountedge basic reconcile accounts