Opening Bank - Bank Statement or Balance Sheet balance amount?

Options
Ian_7932284
Ian_7932284 Member Posts: 2 ✭
edited February 2017 in Accounts Hosted
Hello

I am moving from MYOB to Hosted.

The closing balance of bank on Balance Sheet as at 30/06/14 is -$14k.

The closing balance of bank on Bank statement as at 30/06/14 is $13k.

The differences are outstanding cheques/deposits of $29k/$2k respectively.

The Reconciliation report from MYOB agrees, being -$14k+$29k-$2k=$13k

Is it best to enter the Outstanding items as cheques/deposits? Make the adjustments on the Reconciliation screen?  Enter the balance of Bank on Balance sheet as Bank statement and make adjustments? I assume the Reckon bank reconciliation statement is the same as MYOB?



Comments

  • Rav
    Rav Administrator, Reckon Staff Posts: 15,427 Community Manager Community Manager
    edited February 2017
    Options
    Welcome to the Reckon Community Ian! Glad to have you on board.

    Check out the document here on setting up a new company file - 
    http://kb.reckon.com.au/issue_view.asp?ID=4675

    In particular check out page 5, points 2b and 2i in reference to your questions.

    Let me know how you get on

    Cheers
    Rav

    ℹ️ Stay up to date with important news & announcements for your Reckon software! Click HERE for more info.

  • Ian_7932284
    Ian_7932284 Member Posts: 2 ✭
    edited February 2017
    Options
    Hi Rav

    Thank you for that KB article!

    I had to read it twice to get that the bank account is the expense account/revenue account to which the cheque and deposit is drawn/deposited into.

    I tried making the deposit against the bank account yet I was unable to as I received a warning athe account was removed from the column.  So I entered a journal entry that Dr/Cr the bank account by the same amount to over-ride this problem.

    After entering the opening balance per balance sheet and the unpresented cheques/undeposited funds as at 30/6 I reconciled to 1/7 using only the "opposite" amounts of the unpresented cheques/undeposited funds and it reconciled!  And the reconciliation continued well after the "actual" unpresented cheques/undeposited funds appeared on the bank statement!

    I'm trying to move everything to Reckon and still coming to grips with similarities/difference to what I am use to with other applications.

    Regards
    Ian


  • Rav
    Rav Administrator, Reckon Staff Posts: 15,427 Community Manager Community Manager
    edited December 2016
    Options
    Thanks for getting back to me Ian,

    Perhaps speaking to a Reckon Partner would be beneficial so that your company file is configured properly for your needs. We have a number of helpful partners right here on the Reckon Community, and you'll also be able to search here -
    https://partnersearch.reckon.com/

    From what you've mentioned above, I think the opening balance of your bank ledger account should correspond with the bank statement. Then enter the unpresented transactions individually. Your bank ledger total should now equal the balance sheet total for the bank.

    As the transactions present in the bank you'll be able to reconcile them in the normal fashion.

    Cheers
    Rav

    ℹ️ Stay up to date with important news & announcements for your Reckon software! Click HERE for more info.

Categories