Bank rec for September almost complete but has three withdrawals which our cheques that do not show in the banking statement sent by the bank. They show up in the bank statement for the next month but Im wondering how to factor this in and post the current bank rec without screwing the system up because year end is at the end of this month.
The three cheques add up to 4757.41 and when I write the closing balance in simply which is on the bank statement and try to post in the bank rec it has a pop up of an additonal adjustement of -295.33 will be posted.
Is there a way to do this bank rec and not screw up the accounts going forward?
As per your description, if you have 3 cheques written
in September and they do not show up in your Setpember bank statment,
it means they are not cleared and will be carried over to your October
bank reconciliation as outstanding cheques. If they show up in your
October bank statament, you can then put check marks for these 3 cheques
in your October bank reconciliation to clear them out. This is the
procedure of outstanding cheques carried over from last month.
assume you are still doing your September bank reconcilation, when you
post it, if you have a message saying adjustment, it means you have an
unresolved amount. In your case, it will credit 295.33 from your bank
account to satisfy the unresolved amount equation below:
Ending Balance + Outstanding = Book Ending Balance (if there is a
difference, the difference is the unresolved, which is -295.33 in your
If you test this forumla by putting in your statment
ending balance + outstadning - book ending balancse as of month end and
you still have -295.33. it means the result is valid and please check
the following 4 points:
1, Wrong statement end balance
2. Not enough (or too many) cleared (or uncleared) transactions
3. Missing transaction or transaction is posed in the wrong month
4. Mistake/typo in transaction amount
Usually, you can better
accomplish the job above by doing a manul bank reconcilation. You can
print the GL report of the bank account as of month end and put it side
by side with your bank statement to do a comparision.
unresolved equation above gives you an invalid result, which is not
equal to -295.33 when you plug in numbers to the equation. You will
have to reset your bank reconcilation. Please do a backup before you
reset. You can find the step by step instruction of resetting bank rec
from the link below
Reset Bank Reconciliation
Hope this helps
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