This is part of our Banking and Reconciliation series (Chapter 3 of the MYOB tutorial hub):

• Lesson 1: Connecting Bank Feeds in MYOB via Open Banking
• Lesson 2: Matching and Categorising Bank Transactions in MYOB
• Lesson 3: Setting Up Bank Rules in MYOB
• Lesson 4: How to Do Your Bank Reconciliation Correctly in MYOB

Reconciliation is what confirms your MYOB records actually match what really happened in your bank account.

1. What reconciliation actually checks

It compares your MYOB transaction records against your bank statement, confirming nothing is missing or duplicated.

2. Doing it regularly rather than all at once

Reconciling weekly or fortnightly is far less overwhelming than facing months of unreconciled transactions before a BAS deadline.

3. Investigating any differences

If your MYOB balance does not match your bank statement, it is worth tracking down why rather than ignoring a small gap.

4. Locking reconciled periods

Once reconciled, locking the period helps prevent accidental changes to transactions that have already been confirmed.

MYOB Academy has a free Bank Reconciliations course covering this in detail: watch the official MYOB tutorial. Our registered BAS agents can review your reconciliation before BAS time.