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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.
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.
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!
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:
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:
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:
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:
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:
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:
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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