best way to correct a reconciliation discrepancy?

SuzanneSuzanne Member Posts: 4
edited July 15 in Accounts Hosted
Hi can anyone advise the best way to correct a reconciliation discrepancy? I moved a transaction to different supplier and deleted the payment. I reentered the payment with exact dates and it threw out a bank rec from May 2017. Not sure on way to fix . Not really keen to undo 6 reconciliations. Help

Comments

  • John GraetzJohn Graetz Member Posts: 1,653 ✭✭✭
    edited July 15
    Hi Suzanne.  I would be inclined to do something like this:
    1.  Recond on the May reconciliation what has happened and what you are about to do.
    2.  Take a backup before you start, just in case.
    3.  Do another reconciliation as at the same date as your last reconciliation.  When you start, you will notice that prior balance/s will be out by the amount of the deleted payment.
    4.  From the list of unreconciled entries, mark off the re-entered payment from May.  At that point the difference in the bottom right hand corner, should go to zero.  If it does, click on reconcile now and your problem should be fixed.  If for some reason it doesn't, you can always go to undo last reconciliation,.but I feel that this will work as I have had to do something like this in the past, myself.  Then make a notation on the reconciliation that you have just completed, as to the reason why you did this.
    John L G
  • SuzanneSuzanne Member Posts: 4
    edited February 2018
    Thanks John,  I considered this the only issue I have is will it affect the financial year balance sheet 2016 2017 as the transaction was prior June 2017???
  • ZappyZappy Accredited Partner Posts: 4,431 ✭✭✭
    edited February 2018
    Suzanne the EASIEST way to fix this is to run the reconciliation reports for the prior periods until you find the one which is different. You can them reenter the transaction and reconcile it again. Remember you MUST reconcile it at the date it was originally reconciled NOT at today's date. Can I say, this is why I always reconcile the statement to the end of the month so at the end of the year I have only twelve reconciliations regardless of the statement date., This means if anyone deletes anything I only need to look in a miaximum of twelve places. Call me if this is unclear Kevin t:0407744914
  • ZappyZappy Accredited Partner Posts: 4,431 ✭✭✭
    edited February 2018
    John, that really won't fix the problem now though, will it? 
  • SuzanneSuzanne Member Posts: 4
    edited February 2018
    Thanks Kevin.  I am lucky it was the credit card so it is only monthly.  Thank you I will have a go.  Appreciate all the help :)
  • John GraetzJohn Graetz Member Posts: 1,653 ✭✭✭
    edited February 2018
    Kevin.  I believe that it should fix the problem.  The only issue that I can perceive at present is that the bank recs are out because there is a deposit from May which hasn't been included in the reconciliation for May.  This means that every other reconciliation will show as being out by the same amount, until such time as the unreconciled deposit is included.  That is why I suggested doing a second reconciliation at at 31/12/17 so that that deposit can finally be recognised.  I have seen this happen in the past because something was inadvertently deleted and then reinstated.  There will not be any effect on anything else except the bank recs, because the new deposit was re-entered under the same date as the original (deleted) entry.
    John L G
  • ZappyZappy Accredited Partner Posts: 4,431 ✭✭✭
    edited February 2018
    John it won't reconcile it at the original date. If you rerun the reconcilitaion at the original date in future, the reconciled balance will not be correct. John I am called on to correct these errors all of the time. My method is tried and tested. Thanks for your input. 
  • ZappyZappy Accredited Partner Posts: 4,431 ✭✭✭
    edited February 2018
    Not particularly relevant but the other small business software will allow you to use my method as well. Somewhere inside the software it stores the original reconciled date. Sometimes this field is visible other times not.
  • SuzanneSuzanne Member Posts: 4
    edited February 2018
    Hi Kevin,  I have gone to reconcile the report that has the discrepancy and I have put in the original reconciled date what do i put as the ending balance.  Do I need to have 0 or the amount that has come up as the discrepancy before I hit reconcile now. 
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