Join Elizabeth Haverfield for an in-depth discussion in this video Overview of the initial bank reconciliation, part of MYOB AccountRight Essential Training.
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The Initial Bank Reconciliation is a once-off procedure that…needs to be completed when setting up a data file.…When a company file is created, it is possible that they will be unpresented…cheques and uncleared deposits that will appear…in the bank statements in the coming months.…We need to enter the unpresented checks and deposits…that existed at the conversion months for the company file.…These checks and deposits will…then be displayed in the reconcile accounts window ready to…be ticked off as they appear on subsequent bank statements.…
As of January one, this year, Carol's cleaning…had two unpresented cheques and no uncleared deposits.…These transactions need to be entered and will…form the basis of the initial bank reconciliation.…The balance as per the bank statement on the 1st of January…2013 is $7,860. And we have two checks, check number 589…and 590, $125 and $175, a total of 300.…
There's not deposits, but we would plus them if we did need to.…The balance as per the company figures would be $7,560.…
- Creating a company file
- Setting up tax codes
- Adding accounts
- Creating customer and supplier cards
- Performing a bank reconciliation
- Recording transactions
- Invoicing a customer
- Processing payments
- Entering and paying bills
- Recording cash sales
- Reconciling check accounts
Skill Level Beginner
1. Getting Started with MYOB
2. Working with the Accounts List
3. Adding Cards
4. Entering Historical Balances
5. Performing an Initial Bank Reconciliation
6. Backing Up and Restoring a Company Data File
7. Spending Money from the Cheque Account
8. Invoicing a Service Customer
9. Recording Customer Payments
10. Entering and Paying Bills
11. Receipting Cash Sales
12. Reconciling the Cheque Account
Next steps1m 56s
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