I did try that, but landed up with a discrepancy of like 5,000.00 and an unresolved of 400.45!!!! ECKKK!! I am really beginning to hate that number 400.45 lol.  Think I will try it again, as I must have done something wrong to have landed up with a big discrepancy,  Will play around with it a little more and try and figure it out, might be that I am using the wrong new starting balance.  

Hi Nenos

There are so many possibilities and variations as to what may or may not be right or wrong with you bank reconciliation.

Smithco makes a great recommendation in her recent Post:

"try an outside help as suggested earlier"

"I would suggest calling Sage Tech again with this specific error"

"Tony Martin from Code 6 Programming"

Please try one or more of those and you will finally get to the bottom of this.

You can also follow this link to Sage Support Knowledge base to help with doing bank reconciliations:

http://goo.gl/MVbGNE

It could also be this problem that Smithco was referring to:

"Resolved amount shown in the bank reconciliation while no entry has been cleared. Article

Products

Sage 50—Canadian Edition

Description

The bank reconciliation window is showing "Resolved" as with amounts, yet there has not been a single transaction check marked.

Cause

When client is using deposit slip, withdrawal and deposit from and to the same bank account, then void one of the transactions within that deposit slip, since deposit slips are not reversible; the bank rec has to show the correction on resolved amount

Resolution

Method I: Bank Rec Reset

Reset your bank reconciliation (see Related Resources)

Method II:

Avoid create deposit slip using the same account in From and To.

Method III:

Run "Fix Bankrec" using the Support Utilities. For assistance with this step, please contact Sage 50 Support at 1-888-522-2722.

Check & uncheck the checkbox of Do not show corrections in the bank reconciliation."

But to be honest I think your best bet is "Try an outside help" as Smithco recommends.

Here is a link to Outside Help:

edirectory.accpac.com/simplysearch

Hope this will help you move forward with this.

Jo Anne

are these the beginning balances before any transactions are reconciled ? because the difference is only 372.87

I presume the 27.58 is a transaction in Sage that hasn't yet cleared the bank

what you want to know is the beginning sage and bank balances before reconciling... they should be the same

if not, as Coach suggested, create a JE (db/cr bank and cr/db expense account) so that when you select/reconcile just that transaction, sage and bank are the same

reconcile the statement as you normally would, so that the ending sage and bank balances are identical (ignoring outstanding transactions)

then next month, sage and bank beginning balances will match

it could be that back in 2003, someone reset the bank rec and entered the incorrect opening balance

Hi CRBookkeeping,

The error is profit/loss neutral; so to create an expense would have profit/loss implications.

That is not the way.

Hi Nenos,

The next thing to verify is your trial balance, that it is correct.

Run a report for all transactions for the bank account, and verify that the balance is the same as your bank statement. (adjusting only the actual outstanding)(and no discrepancy between it and trial balance) only discrepancy would be in reconciliation balance by the phantom amount.)

Assuming the above is so:

From an accounting point the problem does not involve a profit/loss transaction, nor a balance sheet imbalance.

Your financials are good; the only thing that is out is reconciliation.

somebody that knows simply well, should know of utilities or editors to discover the outstanding reconciliation file so that it can be corrected.

Thank you Smithco, for suggesting Tony Martin,  emailed him the problem, and confirmed it was probably a data error, but not worth fixing it as it is so far back. but suggested doing the journal entry to fix the balance, then reset my reconciliation, AND IT WORKED!!!! YAY!!!  I had tried several times to reset the reconciliation but kept coming up with that same amount in the unresolved instead of in the outstanding and a couple of times end with a big discrepancy amount, was very frustrating.   But all fixed now,  Thank you everyone for listening and trying to help.  :)

No problem at all - glad to hear it all worked out in the end and mostly due to your perseverance to continually answering questions from us all and digging into the previous years rec to find the original error - that was great work!

Tony helped me in a very similar situation to yours with similar answer. It also looked like Jo the Software Coach was going in the right direction too re journal entry - just needed the bank rec to finish it off.

Glad you gave out the solution as per Tony's answer for future reference.

Hi Nenos,

What kind of Journal entry did you do, and for what date?

Credited my bank account and Debited the bank adjustment account and just used yesterday's date.  Not sure what the accountant will do with it at year end, but my rec balances, and my bank account balance is now right, so for day to day operations, it is good.  LOL  

So, is the phantom amount in outstanding now gone?

Yes it is!  But I had to reset my bank reconciliation as well as do the journal entry, or the journal entry would be sitting in the reconciliation forever, as I could never clear it as being on the bank statement as it never would be.