Period-end tasks

Reconciling bank accounts

To ensure the accuracy of your business records, you should match your bank accounts' balances with the bank records you keep in MYOB FirstEdge. This task is called reconciling accounts.

Reconciling an account for the first time

If this is the first time you've reconciled an account using MYOB FirstEdge, be sure to see Reconciling an account for the first time using MYOB FirstEdge before you start to reconcile your account.

Downloading statements

If you download bank or credit card statement files from the Internet to your computer, MYOB FirstEdge automatically matches transactions from the statement file to those within your company file. Once the match takes place, that transaction is marked as cleared in the Reconcile Accounts window. (Using downloaded statements)

Note:  Do not use the `Send Credit Card Payments for Authorization Using the Record Button' preference if you use the Get Statement feature

Once you're sure all the checks, deposits and bank fees that appear on your bank statement are entered in FirstEdge, you're ready to reconcile your account. (Using the Bank Entry Feature)

If you decide to exit the Reconcile Accounts window without successfully reconciling a checking account, the transactions marked as cleared remain marked. You can pick up where you left off at any time.

Notes:  
If you print the Reconciliation Report, the reconciliation is not complete until you click the Reconcile button again.

How often should I reconcile my bank accounts?

A useful tool for checking how recently you've reconciled your accounts is the Account Reconciliation Review step of the Data Integrity Assistant.

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