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TOPIC: Bank Reconciliation Problem / Bug

Bank Reconciliation Problem / Bug 10 years 4 months ago #13

  • steph
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I had a problem today with a Bank Reconciliation error using MYOB AccountRight Premier V19. First time I have ever came across it!!

The bank reconciliation was completed and showed $0.00 out of balance, but when you go to perform the reconciliation and clear the entries it doesn't allow you to proceed, and warns that the bank is out of balance by $1,029.

I was stumped. The opening balance was correct, the entries all matched the bank statement and it reconciled correctly. If you printed the bank reconciliation it reconciled correctly also. There was nothing odd the in the general ledger account and it agreed with the bank reconciliation also!

Naturally, I rang MYOB support - who initially wanted to send me a support note on how to perform a bank reconciliation :ohmy: - but then they logged in and saw Oh - it really is a problem!!

They are onto it now, hopefully I'll get an answer soon.

Anyone else seen this problem?
Stephanie Lee
Imprest Business Services
www.imprest.net.au
Facebook: www.facebook.com/Imprest.Bookkeep
"Professional bookkeeping and administration Services"
Last Edit: 10 years 4 months ago by steph.
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Re:Bank Reconciliation Problem / Bug 10 years 4 months ago #23

  • steph
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OK, so I got the solution today - it is very easy; but I have no idea why it works!

You have to first make a note of all the items that you haven't selected, then tick the box to select all entries, then tick the box to de-select all entries, then tick the box again to select all entries. Then go through and de-select only the entries you don't wont included (the ones you made a note of earlier) - and hey presto, it works!

It is strange, as I tried
a) Deselecting all the entries and then reselecting all the correct entries - essentially redoing the bank rec. (that didn't work). then I tried,
b) Selecting all the entries, then deselecting the ones that I didn't want (that didn't work either).

So you must select all, deselect all, select all, then deselect unwanted entries in exactly that order.

Glad to get a solution, it will be interesting to see if it reconciles OK with my next one!
Stephanie Lee
Imprest Business Services
www.imprest.net.au
Facebook: www.facebook.com/Imprest.Bookkeep
"Professional bookkeeping and administration Services"
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Re:Bank Reconciliation Problem / Bug 10 years 4 months ago #25

  • Kelly
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Thanks for posting this Steph!

You didn't mention whether this solution was from MYOB or you just figured it out yourself?

So, I am guessing that the entries that you didn't need to select added up to the $1,029?

Glad I know about this now and not later when trying to reconcile several clients for the end of financial year!
Kelly Brennan
Imprest Business Services
www.imprest.net.au
Facebook: www.facebook.com/Imprest.Bookkeep
"Your small business specialist"
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Re:Bank Reconciliation Problem / Bug 10 years 4 months ago #26

  • steph
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No, MYOB had the solution, I tried all the ones that didn't work! According to the support guy, the product specialist took about 15 secs to fix it....so maybe he's seen this before??
Stephanie Lee
Imprest Business Services
www.imprest.net.au
Facebook: www.facebook.com/Imprest.Bookkeep
"Professional bookkeeping and administration Services"
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Re:Bank Reconciliation Problem / Bug 10 years 3 months ago #47

  • gbroadbridge
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Hi Steph,

I had the same problem at about the same time as yourself - posting here so that others also find the work around.

Took several hours on the phone to work it out (the first couple on the phone to first level support who insisted I must be doing something wrong).

Eventually first level talked to a specialist who confirmed there is a bug that affects a 'tiny' proportion of customers.

The bug appears to relate primarily to customers who use multi currency, although this is not yet proven.

What MYOB have identified is that in some cases transactions (which involve two entries - one against the the bank asset account and the other against another account) only the bank side is getting 'ticked' internally by the software. So, even though the difference is shown as $0.00 in the reconciliation window, when reconciliation checking is perfromed internally by MYOB the other side is out of balance.

The work around for me (suggested by MYOB) is to manually untick and tick again foreign currency transactions which has worked for the last 3 weeks.

I also use M-Powered Bank statements which may be causing the problem as it ticks off items automatically.

Would you by any chance be using Multi currency and M-Powered Bank statements? If so it would narrow the problem down considerably.


Regards
Graham.
Last Edit: 10 years 3 months ago by gbroadbridge. Reason: addition of detail
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Re:Bank Reconciliation Problem / Bug 10 years 3 months ago #48

  • steph
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Hi Graham,

Thanks for sharing your experience. It is always very helpful for all users to get this kind of feedback - especially as, like you, we sometimes get the run around by support staff thinking we are doing something wrong!

Yes my customer did have multi-currency and although they don't use m-powered bank statements they do import a bank file and use the auto-reconciling function -so it definately looks like these are areas to look at.

I don't believe they actually had any foreign currency transactions in the period in question (although I couldn't be absolutely certain at this stage). Certainly something I will look out for if it happens again!

So far we haven't had any issue with the next two bank reconciliations and I was hopeful that this was an isolated issue. Sounds like this might not be the case!!

Regards,
Steph
Stephanie Lee
Imprest Business Services
www.imprest.net.au
Facebook: www.facebook.com/Imprest.Bookkeep
"Professional bookkeeping and administration Services"
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