reconciiliation - there is difference so I can't complete reconciliation. Why/how to fix it

Eva Maddox

reconciiliation - all entries in bank statement and reckon one are the same but there is still showing difference so Ii can't complete reconciliation. Why/how to fix it

Zappy

Is your opening balance correct?

Vicki Williams-Haynes

Although it matches your statemewnt you may have made an adjustment in previous months since your last reconcilation which means that your opening balance is out.  Check it against your print out from your last reconciliation (ALWAYS PRINT OUT YOUR RECONCILATIONS). This is the quick fire way to check if this is where to start.  Another hint is  If the balance you are out perfectly divieds by 9 then it will be a reversal of numbers most likely it 81 instead of 18.  If it is only a few dollars ie $2 put a entry in for either debit or credit (whatever is needed to reconcile) against bank fees to make it balance.  I wouldn't normally recommend this but it can sometimes be the quickest way.  If it's anymore that a few dollars you need to find it.  Most liekly though I would say that you've deleted a prior entry ie an outstanding cheque

Eva Maddox

Unfortunately it can't be this case. It was the first month of the business so the opening balance was $0 . The difference is around $10000despite of all entries in statement and reckon one are the same

Zappy

You need to unreconcile everything and start again

Eva Maddox

I have never done any reconciliation. It's the first one, first month of the business

Zappy

If you have unchecked everything then the only place the difference can be is in your opening balance. It's mathematics.

Vicki Williams-Haynes

Make sure your closing balance has a minus sign if in debit .

Kwikbooks (Professional Partner)

No, No, No please never put in an entry just to balance, best practices always find the problem.

Kwikbooks (Professional Partner)

Hi Eva

When you say first month of business and your opening balance was Nil, are you referring to Reckon opening balance nil as in no previous entries in the file??  Was the actual bank account for the business nil as well or did you put money in the account ready for when you opened the business?  The opening balance of the bank account has to be entered in Reckon One when you set up the bank account.

Kim@kwikbooks.com.au if you want to send me statement and reckon one transaction report.

Eva Maddox

Nil in statement and reckon one. Fixed now, tick "exclude transaction outside of the date range "