Bank Rconciliation
by Peter
(Adelaide)
I am using myob accounting plus v17 and am just a beginner, my boss has paid 2 bills twice during the month of february, consequently my myob bank recncilliation will not balance, one company has sent back the payment in the month of march and the other has kept the money and will credit it to us on the next purchase. can anybody advise me on what to do so i can balance for january. thank you.
Hi Peter,
Thank you for your question.
As I have zero experience with myob accounting plus v17, I'm hoping one of my other readers may be able to help give you an answer. :)
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Bank Statements
by Anthony
(Syracuse, NY)
I am working for a Paving Company. Are you suppose to keep your bank/checking account statements for a certain period of time? Do I attach them to my balance sheet and general ledger for year end audits by the company hired accountants?
It is recommended that you keep your tax returns and all supporting documentation (including bank statements) for at least 4 years.
Typically, your December statement showing the balance at 12/31 and the December bank reconciliation should be kept with the Year End Balance Sheet in order to show that the two "tie out" or match.
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Multiple Checking Accounts
by Janet Price
I keep books for my church and we are currently in the process of building a new one.
We opened a new account specifically for this, and I have been keeping books separately for the building program.
We are now using our original account at a different bank. My question: is it acceptable to record monthly expenses from two separate banks in the same book?
Hello Janet,
Thank you for your question.
The answer to your question is, YES. It is perfectly acceptable (and common) to record monthly expenses from two separate banks in the same book.
Many businesses actually use multiple kinds of accounts for business expenditures including checking, savings, credit card, loan and equity accounts.
Warm regards!
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Stale Dated Cheques
by Marion
(Ottaw, Canada)
How do you remove a stale dated cheque when it was used to reconcile a bank statement?
Thank you,
Marion
If you are using bookkeeping software, all you need to do is to void the check. In QuickBooks , you can do this through the check register by highlighting the transaction and selecting void. Using double entry accounting software, you can do a journal entry to reverse the original transaction.
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