Why is our bank balance not matching with the balance on mygate?

There could be several factors, including errors or missing entries in your records, due to which the bank balance does not match the balance on Mygate. It's essential to ensure that all transactions are accurately recorded and reconciled.

1. If residents make payments outside the Mygate system and the society does not update these payments on the platform, it can result in a discrepancy between the actual bank balance and the balance shown on Mygate. To resolve this, the society needs to ensure that all external payments are added to Mygate, so the balances align correctly.

2. The mismatch between the bank balance and the balance on Mygate could be due to discrepancies in the transactions. To resolve this, you can review the bank reconciliation report carefully. Often, issues arise from missing or incorrect entries, duplicate transactions, or transactions that haven't been properly accounted for. It’s important to verify the dates, amounts, and descriptions of the transactions to ensure they match exactly with your actual bank statement.