Client – Requested us to help reconcile the supplier records in their MYOB
How – I find it good to use a couple of windows to see the full picture of the transactions and payments. To do that you need to tick the Restore Down at the top Right Hand Side (RHS) so you are able to see multiple windows at a time and move them beside each other.
- MANUALLY RECONCILE all the papers you have – the supplier invoices to their statements (assuming they send them to you, say monthly, or request an up to date statement or account that they have of what you owe them). It is good to staple the invoices behind the statement (which is a nice summary of the month). Have the past 3 months or as far back as you need or are unsure of.
- The bank should be reconciled for payments you have made up to date, if possible.
- ARE ALL PURCHASES & PAYMENTS IN? – To see your purchases payments, click on Find Transactions at the bottom of the Purchase Command Centre (or Ctrl+Y) on the Card tab, search and select your supplier, choose your dates. This gives purchases (Cr column) and payments (Dr column).
- RECONCILE – Now compare, working in date order that all purchases (there are 2 lines – one is the GST amount, the other ex GST) and payments and see if they match your records, and those of the supplier. This can take time.
- Enter or correct what is not right.
- RECONCILE the recent months – The final window to use (most useful for the last 2-3 months) – is the Purchases Command Centre, in the lower RHS, click the word Analysis and the Analyse Payables should open with all suppliers summarized. Click the white arrow to the left of the supplier name you are working on. This shows all purchases you still owe. It is also grouped by month (or day/period set in Preferences) – you should be able to see the totals at the bottom and compare each month to the monthly statements from your supplier – if some invoices are paid, they will not show in the list here (you can select the dates for the month at point 2 above in the Purchase Register and see all invoices and the closed ones will be the paid ones).
- FINAL – once you are happy all purchases and payments are in, the Analyse Payments window should have dating period totals and final total that matches (less your payments they haven’t recorded yet on the last statement) the latest supplier statement. Tick the total to show you have reconciled, or print the Analyse Payable window if you need to put with that with the supplier statement.
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