When you enter opening un presented cheques in MYOB,
Use spend money window , pay from : Cheque account and then allocate the amount to same “Cheque account” . When you check the journal for the transaction , you will see
Cheque Account **** Dr
Cheque Account **** Cr
You may refer to cash accounting manual page 172 for a similar exercise.
I’m trying to do the assessment Task 2 / e and I have referred to the practice task in the training manual as per recommendation in previous queries, but I can’t get my head around the following:
The conversion month required is August (2016). I am using a tax year 16/2017 in my assessment company Shortcuts. The first entry date therefore is 01/08/2016. The assessment task asks to enter bank rec for 31/07/(2016), but I can’t enter the unpresented cheques for earlier dates than the conversion month August. This wuld mean that I caoul reconcile the bank on tje 01/08/2016, and not as requested in the task (31/07/xxxx (2016). If I go ahead, will I fail in the assessment in this regard?
Sorry what am I missing and can’t seem to find answer anywhere; I am completely stuck?
The date provided of 31/07 is the date the accountant has drawn up this report for you.
You are not able to carry out a reconciliation in a month prior to your conversion month, therefore you will be carrying out this task on 1st August, as requested in the task. (task asks you to enter the unpresented cheques and print a copy of the bank reconciliation on 1st August).
01/08/XX is the correct date to carry out the reconciliation.
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