Join Elizabeth Haverfield for an in-depth discussion in this video Overview of reconciling cheque accounts, part of MYOB AccountRight Essential Training.
The purpose of a bank reconciliation is to reconcile or…match the business accounting records with the bank accounting records.…This process should reveal any errors in either the business,…the computer records, or the bank accounting records, the bank statement.…The bank statement may be different to the business records.…However, because of the time delay involved…in the processing of checks and even deposits.…The frequency…of preparation of a bank reconciliation statement…varies depending on the size of business.…
At the very least, this process should be completed at the end of each month.…Carol processes this process at the end of each month.…The bank statement may include bank charges and interest earned,…but has not yet been included in the business records.…These transactions must be entered into the data file.…Another task that needs to be completed…prior to the beginning of a reconciliation,…is to clear any funds within the…Undeposited Funds account into the regular check account.…Remember the Undeposited Funds account is our clearing account or holding account.…
- 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
Q: Where can I download MYOB software? The link shown in "Installing MYOB onto a Windows or Mac computer" has expired.
A: As of 2/18/2014, you can download the software from http://partners.myob.com/
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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