Bank Reconciliation and Review

Click on the following icons in MYOB in this order:






Choose your bank account and in the cell for Bank Statement Date, enter the same date as your Last Reconciled Date in the section above.

This will show a list of any unreconciled items that you may have in your system. If no items appear in the rows below, that means you have reconciled all items and no further research is needed.

Any items appearing as unreconciled are a potential problem and should be researched. You can see from the below example this client claims they purchased $365 worth of goods from Officeworks on 1.2.11 but it has not cleared from the account at 6.5.11.


In this case the client had processed this to the wrong bank account and it was actually paid by credit card, not from the cheque account. They have since reconciled the credit card and processed this expense in that account also. This means that they have claimed GST twice on this item and are not looking at accurate profit and loss reports as they have expensed it twice.

All bank accounts and credit cards should be reconciled and reviewed, including investment accounts, GST holding accounts, credit cards, loan accounts.