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How to Do Bank Reconciliation for MYOB Assignments?

13 Sep 2019 2842 5 minutes
MYOB Assignments

Bank Reconciliation is a tough concept in accounting. The emergence of MYOB software has made completing this task easy to some extent, still, many students find it daunting to complete it in their MYOB assignments. Therefore, we decided to come up with this blog to help you do it easily. Do you know what is the first step of doing a complex activity? Well, to perform it successfully, first you need is its clear understanding. Thus, we will begin with a short recap of what bank reconciliation means. Go through its explanation carefully.

Bank Reconciliation:

Well, what do you understand by the term "reconcile"? Reconciling something means making adjustments. Thus, the term bank reconciliation means reconciling or adjusting the bank column of cash book with the passbook. It is a difficult topic which induces the students to take assignment writing services.

Now that you know what bank reconciliation is, it’s time to move towards the main agenda of presenting this blog, i.e., how to do it for the MYOB assignment?

Do you know why doing this was tedious till now? Well, this is so because you were unaware of some easy-breezy steps to perform this task. If you get acquainted with them, then surely this will become a child’s play. Do not fret, you do not require searching them on Google, we are sharing the same here only. You just need to do one thing, i.e., go through them with maximum focus and understanding.

Here you go!

6 Wonderful Steps to Perform Bank Reconciliation for MYOB Assignment

Step # 1

Find automatically imported transactions

MYOB software has a feature that is - it automatically imports bank transactions. Therefore, the process of bank reconciliation begins with finding them. Are you wondering how to find these transactions? Well, this can be done easily by following below-mentioned steps:

  • Click on the banking menu and a drop-down list will appear
  • Select banking transactions from that list

Step # 2

Code unallocated transactions

After finding the automatically imported transactions, the next step is coding the transactions that are not yet allocated. This can be done through either of the following ways:

  • Using the allocate me option
  • Splitting the bank transaction in multiple account codes
  • Matching the transaction to a bill or an invoice

Step # 3

Match the transfers between accounts

Sometimes there are multiple bank accounts, therefore, the next step is matching the transfers between them. This can be done through the following series of steps:

  • Click on the drop-down arrow next to allocate me
  • Click on transfer
  • Click on the checkbox on left of transfer match
  • Lastly, click on the Save button

Step # 4

Create the rules

Rule creation is essential to perform the bank reconciliation speedily, therefore, the 4th step is creating the rules. You can do this by implementing these steps:

  • Click on the drop-down arrow next to allocate me
  • Click on the create rule button
  • Name the rule
  • Finally, add conditions to the created rule

Step # 5

Edit or delete the rule

Sometimes rule creation can go wrong, i.e., you may create a rule that is unspecific or fail to capture all the required transactions. Therefore, the second last step of the bank reconciliation process is to check whether all the rules are appropriate or not. If not, then edit or delete the rule. Editing or deleting can be done through the following steps:

  • Click on banking menu
  • Click on manage rules option
  • From the rule allocation page, select the ellipsis button to edit or delete the rule

Step # 6

Correct incorrect allocations

Sometimes the students can mistakenly match the transactions incorrectly or code them to wrong accounts. Therefore, the last but not least step is checking the correctness of all the allocations and making necessary corrections. The incorrect allocations can be corrected through the following steps:

  • Click on the banking menu
  • Click on the bank transactions
  • Select all transactions in the show field
  • Choose the bank account
  • Specify the data range
  • Select X visible next to the transaction that requires to be changed

Is bank reconciliation for the assignment still difficult? We do not think it is. But, if you do not agree with our views, then contact us for the best MYOB assignment writing services.

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