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        <a class="WebWorks_Breadcrumb_Link" href="ch_overview.31.1.htm#1295292">M-Powered Bank Statements</a> &gt; <a class="WebWorks_Breadcrumb_Link" href="ch_using.33.1.htm#1295292">Viewing and reconciling bank account information</a> &gt; Reconciliation—frequently asked questions</div>
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      <blockquote>
        <div class="hm_ModuleHeading"><a name="1295292">Reconciliation</a>—frequently asked questions</div>
        <div class="hp_ProcedureHeading" onclick="WebWorks_ToggleDIV(WebWorksRootPath, &quot;wwdd1295294&quot;);">
          <span class="N_007eProcBullet"></span><a name="1295294">How often should I reconcile my bank accounts?</a><script type="text/javascript" language="JavaScript1.2">WebWorks_WriteArrow(WebWorksRootPath, "wwdd1295294", false);</script></div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVOpen("wwdd1295294", false);</script>
        <div class="b_Body"><a name="1295296">Reconciling bank account transactions in your company file against transactions presented on </a>your bank statements ensures the integrity of your financial information and identifies discrepancies that may arise. Frequent reconciliations, such as weekly or monthly, ensure you have up-to-date knowledge of your financial position. </div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVClose();</script>
        <div class="hp_ProcedureHeading" onclick="WebWorks_ToggleDIV(WebWorksRootPath, &quot;wwdd1295297&quot;);">
          <span class="N_007eProcBullet"></span><a name="1295297">What is the Calculated Statement Balance field in the Reconcile Accounts </a>window?<script type="text/javascript" language="JavaScript1.2">WebWorks_WriteArrow(WebWorksRootPath, "wwdd1295297", false);</script></div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVOpen("wwdd1295297", false);</script>
        <div class="b_Body"><a name="1295298">The </a><span class="w_Widgets">Calculated Statement Balance</span> field displays the balance of your bank account after cleared deposits and withdrawals have been taken into consideration. To reconcile your account in your company file, the <span class="w_Widgets">Calculated Statement Balance</span> must match the closing balance for the date you are reconciling on your bank statement, that is, the amount you have entered in the <span class="w_Widgets">New Statement Balance</span> field.</div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVClose();</script>
        <div class="hp_ProcedureHeading" onclick="WebWorks_ToggleDIV(WebWorksRootPath, &quot;wwdd1295299&quot;);">
          <span class="N_007eProcBullet"></span><a name="1295299">The account I am reconciling shows an out-of-balance amount</a><script type="text/javascript" language="JavaScript1.2">WebWorks_WriteArrow(WebWorksRootPath, "wwdd1295299", false);</script></div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVOpen("wwdd1295299", false);</script>
        <div class="b_Body"><a name="1295300">When you perform your bank reconciliation, the amount in the </a><span class="w_Widgets">Calculated Statement </span><span class="w_Widgets">Balance</span> field should equal the statement balance entered in the <span class="w_Widgets">New Statement Balance</span> field. When these fields equal, your company file records match your bank statement and the <span class="w_Widgets">Out of Balance</span> amount is zero.</div>
        <div class="b_Body"><a name="1295301">If your account is out of balance, a window will indicate the amount by which your account is </a>out of balance and will give you an idea why the account is out of balance. In addition to these suggestions you can print your bank statement report (see <span class="l_Link"><a href="ch_using.33.4.htm#1293871">Sample M-Powered Bank Statements reports</a></span>) and manually verify the following:</div>
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                <div class="bb_Bulleted_inner"><a name="1295302">Are all the cheques and deposits that appear on your bank statement marked in the </a><span class="w_Widgets">Reconcile Accounts</span> window? Check to be sure the deposit and withdrawal amounts that appear on the <span class="w_Widgets">Total Cleared</span> line near the bottom of the <span class="w_Widgets">Reconcile Accounts</span> window are the same as the total deposit and withdrawal amounts on your bank statement.</div>
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                <div class="bb_Bulleted_inner"><a name="1295303">Did you mistakenly mark a transaction that doesn't appear on your bank statement? </a></div>
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                <div class="bb_Bulleted_inner"><a name="1295304">Did you enter the correct amount in the </a><span class="w_Widgets">New Statement Balance</span> field? (Be sure you entered the ending balance from your statement, not your beginning balance.)</div>
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        <div class="bsc_BodyStepContinued"><a name="1295712">If the account you are reconciling is an overdrawn asset account, you must enter a negative </a>amount in the <span class="w_Widgets">New Statement Balance</span> field.</div>
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                <div class="bb_Bulleted_inner"><a name="1295305">Are all deposits accounted for? If the bank statement shows a higher balance than the </a>balance calculated, a previously cleared deposit may have been deleted and not re-entered, or re-entered but not marked as cleared.</div>
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        <div class="b_Body"><a name="1295307">If you require more information on finding transactions that cause out-of-balance amounts, </a>visit the support page on the MYOB website <span class="l_Link"><a href="http://www.myob.com.au/supportnotes" target="_window">myob.com.au/supportnotes</a></span>.</div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVClose();</script>
        <div class="hp_ProcedureHeading" onclick="WebWorks_ToggleDIV(WebWorksRootPath, &quot;wwdd1295309&quot;);">
          <span class="N_007eProcBullet"></span><a name="1295309">What if I incorrectly match a transaction in the Unmatched Statement </a>Transactions window?<script type="text/javascript" language="JavaScript1.2">WebWorks_WriteArrow(WebWorksRootPath, "wwdd1295309", false);</script></div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVOpen("wwdd1295309", false);</script>
        <div class="b_Body"><a name="1295311">When you match a transaction in the </a><span class="w_Widgets">Unmatched Statement Transactions</span> window, the transaction is marked as cleared in the <span class="w_Widgets">Reconcile Accounts</span> window and the statement transaction is removed from the list of unmatched transactions. If you incorrectly match a transaction, you need to deselect this transaction in the <span class="w_Widgets">Reconcile Accounts</span> window and manually mark, as reconciled, the correct transaction.</div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVClose();</script>
        <div class="hp_ProcedureHeading" onclick="WebWorks_ToggleDIV(WebWorksRootPath, &quot;wwdd1295312&quot;);">
          <span class="N_007eProcBullet"></span><a name="1295312">What if I incorrectly add a transaction in the Unmatched Statement </a>Transactions window?<script type="text/javascript" language="JavaScript1.2">WebWorks_WriteArrow(WebWorksRootPath, "wwdd1295312", false);</script></div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVOpen("wwdd1295312", false);</script>
        <div class="b_Body"><a name="1301134">When you add a transaction in the </a><span class="w_Widgets">Unmatched Statement Transactions</span> window, a new transaction is added to the journals of your company file and is marked as cleared in the <span class="w_Widgets">Reconcile Accounts</span> window. If this transaction already existed in your company file, choosing to add a transaction results in a duplicate transaction being recorded in your journal. You will need to either reverse or delete the duplicated transaction from your company file.  </div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVClose();</script>
        <div class="href_ReferenceBlockHeading"><a name="1302618">Related Topics</a></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="ch_using.33.1.htm#1303474" name="1302622">Viewing and reconciling bank account information</a></span></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="ch_using.33.2.htm#1298018" name="1302626">Retrieving bank account information</a></span></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="ch_using.33.3.htm#1300608" name="1302630">Viewing bank account reports</a></span></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="ch_using.33.5.htm#1300753" name="1302634">Reconciling your bank accounts</a></span></div>
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        <div class="b_Body"><a name="1301504">&nbsp;</a></div>
      </blockquote>
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