Reconciling an account for the first time using AccountEdge

Reconciling a bank account for the first time using MYOB AccountEdge

Before you can successfully reconcile your bank account using MYOB AccountEdge, you'll perform an extra step -- an initial reconciliation. The initial reconciliation will reconcile your bank balance with the opening balance that you entered for your bank account in AccountEdge.

Checking account balance Your MYOB AccountEdge checking account opening balance represents the total of all of your checking account transactions; the opening balance equals the balance sheet amount as of the day before you started to use AccountEdge.

Bank balance Your bank balance represents only your transactions that have cleared the bank as of the day before you started to use MYOB AccountEdge; some checks and deposits may not have cleared.

Initial bank reconciliation

Because your checking account opening balance represents the total of all of your transactions, it includes the dollar amount of uncleared checks and deposits.

In order to successfully reconcile your check account using AccountEdge, all of the cleared checks and deposits -- including those transactions recorded using your previous accounting method -- must appear in the Reconcile Accounts window.

Note: What amount should I enter in the `New Statement Balance' field for the initial reconciliation?

After you perform the initial reconciliation, all of the uncleared checks and deposits will appear in the Reconcile Accounts window. They will be ready to be cleared as they appear on subsequent bank statements.

Step by step

To perform the initial account reconciliation