From the course: MYOB AccountRight 2013 Essential Training

Unlock this course with a free trial

Join today to access over 22,400 courses taught by industry experts.

Preparing for initial bank reconciliation

Preparing for initial bank reconciliation

From the course: MYOB AccountRight 2013 Essential Training

Preparing for initial bank reconciliation

The first step in performing an Initial Bank Reconciliation is to enter the opening balance for the company check account. This is the bank statement balance less the un-presented checks as at the conversion month plus any deposits not yet credited. We completed this action when setting up the company file. To view this balance, click onto Setup on the Menu bar, come down to Balances and across to Account Opening Balances. Over to the right, see the amount in AB check account $7,560. Scrolling down are all the other balances that have been entered. We'll click Cancel to return to the Command center. Step two, entering the Unpresented Checks. Carols Cleaning has an unpresented check for $125 which needs to be entered into the data file. To enter this transaction we need to go to the Banking Command Center and click onto Spend Money. We must first ensure that the NAB check account is selected as the type of bank account. Over to the right we have a balance of $7560. Our check is turned…

Contents