What Do I Do If I Cannot Reconcile?

What Do I Do If I Cannot Reconcile?


1. Check that the Opening Balance per your Records is the reconciled balance from the month before.
2. Check that the amount you have typed into the Bank Statement Closing Balance is the end of the month balance according to your Bank Statement.
3. Check that every credit (receipt) that has appeared on your Bank Statement is entered into your Money In Record that has been deposited. This includes transfers from other accounts and bank corrections.
4. Check that every debit (payment) that has appeared on your Bank Statement is entered into your Money Out Record. This includes bank charges, government charges, direct debits for loans or insurance and telephone banking bill payments
5. Check that the amounts you have typed into your Money Out or Money In Records are the same as the amounts on the Bank Statement.
6. Print out a Transaction Listing for the period you are reconciling. Get a friend or associate to assist you with one reading from the Bank Statement and the other from the Transaction Listing. Tick each transaction off as you agree. The entries left unchecked on the Transaction Listing should be the deposits and cheques that are outstanding at the end of the month (together with any that are still outstanding from the previous month.) 
7. If you still cannot reconcile, you can call your Accountant for assistance.

 

Discrepancies

If for any reason your records have a discrepancy and are not balancing the first thing you should always check is your Opening and Closing balances making sure both are correct.

1. If you need to try and start your reconciliation from the beginning press the [Cancel] button on the bottom left-hand corner of your screen.
2. Click on [Reset] which is next to the [Cancel] option on the bottom left-hand corner of this screen. These un-ticks all transactions again and allows you to step through Reconciliation process again
  1. Always also check all transactions have only been entered in once and ALL transactions are entered correctly.
  2. Also check your closing balance from previous month is correct in [Settings] area.
  3. Check your closing balance for month you are working on.


Missing Money In/Money Out Transactions

Confirm the correct bank account, month and year are specified in the bank reconciliation screen.

Ensure the transactions are actually recorded in the Money In/Out section of the program.
 

Money In

This should be in the Bank Deposits Column- Receipts Not Banked do not appear in a Bank Reconciliation
 

Money Out

Only transactions recorded on the Total Bank Payments appear on the Bank Reconciliation. If they were erroneously recorded under Total Cash Payments, they should be moved to the correct column.


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