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

For the initial reconciliation, the amount to enter in the `New Statement Balance' field is your 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 may be uncleared and some deposits may be uncleared.

Here is a sample calculation of how your bank balance might differ from your MYOB AccountEdge checking account balance:

Bank balance versus MYOB AccountEdge checking account balance		Balance
Bank balance as of the day before you started using MYOB AccountEdge		$12,000
Less uncleared checks:
Check # 77	$6,000	$6,000
Check # 78	$1,000	$5,000
Plus uncleared deposits:
Deposit #123	$3,000	$8,000
MYOB AccountEdge checking account opening balance		$8,000

The above example shows a variance of $4,000 between the checking account balance which is $8,000 and the bank balance which is $12,000. The variance is normal and is the result of the uncleared transactions.

$12,000 is the amount you would enter in the `New Statement Balance' field for your initial reconciliation.