Creditors Reconciliation and Review


Click on the following icons in MYOB in this order:




Choose the last date you did you bank reconciliation for the report:







Display to the screen only.


Scroll to the bottom of the report and review the figures. You need the ?Out of Balance Amount? to be zero. If you have a balance here you should CONTACT UBS as a matter of importance.

If your out of balance is nil, this means that the balance appearing on your balance sheet is ?technically? correct. However, you still need to do the below review in addition to the above to ensure that you believe all the creditors listed will in fact be paid by you. Scroll through the report and review each supplier individually and ask yourself the following questions:

    * Is the invoice past the due date for payment?
    * Will the invoice be paid?
    * Is there a dispute on the invoice?
    * You thought you had paid? Check for double entry of invoice.

If you believe that you should not have the invoice in the system then you should reverse it by raising a credit in the system.

Remember, if you have creditors listed that should not be there, you are understating your profit figures. In addition, if you are accrual based for GST you are claimed GST on invoices that will never be paid.