Period-end tasks

To perform the initial account reconciliation

  1. Verify, using the Account Opening Balances window, that the opening balance for your checking account is correct: the opening balance equals the balance sheet amount as of the day before your conversion date. (To enter detail accounts' opening balances)


  2. Enter all uncleared checks. (To enter an uncleared check)


  3. Enter all uncleared deposits. (To enter an uncleared deposit)


  4. In the Banking Command Center, click Reconcile Accounts to open the Reconcile Accounts window.


  5. Enter or select the account you want to reconcile in the Account field.


  6. In the Bank Statement Date field enter the first day of your conversion month. (To learn your conversion month, select Company Information from the Setup menu.)


  7. In the New Statement Balance field, enter the bank balance (not your MYOB AccountEdge checking account opening balance.)


    Note:  What amount should I enter in the `New Statement Balance' field for the initial reconciliation?
  1. Each uncleared check transaction is displayed in the window in two rows. Mark the Deposits row of the check transaction.


  2. Each uncleared deposit transaction is displayed in the window in two rows. Mark the Withdrawals row of the deposit transaction.


    Note:  I have already entered checks and deposits in MYOB AccountEdge. Will this affect the initial bank reconciliation?
  1. When the amount in the Out of Balance field is $0.00, click Reconcile.


    A window indicates that your account is reconciled. You can either:
    Click Reconcile to reconcile the account.
    -- or --
    Click Print Report to print the report.
    Note:  If you print the Reconciliation Report, the reconciliation is not complete until you click the Reconcile button again.

Note: In future months, when you receive bank statements, you can mark off the Withdrawal side of checks and the Deposit side of deposits as they are cleared by the bank.

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