Reconciling bank account

Stephanie Gonzalez

During reconciling our bank account, a payment to a supplier consisting of multiple invoices, was paid the incorrect amount . The invoices were entered correctly in Reckon Premier edn 2019. Do we leave this payment unticked in the reconciliation screen and reconcile with a difference, or is there another way to do it?

John Graetz

Stephanie.  If the cheque value in Reckon is the same as the presented cheque, then it is able to be reconciled.  If you used the Pay Bills facility, and you paid an amount that was different to the selected invoices being paid, there must have been a compensating entry raised by Reckon to balance the cheque e.g. a credit note.  Reckon should have given a warning about this at the time.  From your description, it is a bit difficult to understand just what has happened or what you have actually done.
John L G

Stephanie Gonzalez

Thanks John, sorry probably wasn't clear enough. We entered the bills in the bills section of Reckon, these were entered correctly. When we physically make the payment from our bank account, we do this manually, we don't upload a file. So when we manually added up the invoices, the total was entered into the bank account transfer incorrectly. So, the total of the invoices is now different to what has physically been paid from our bank account. This wasn't picked up when we went into supplier-pay bills after the payment had been transferred from the bank. It is only now that we are trying to reconcile the bank account in Reckon that we have found the error. We will pay the additional amount owed to the supplier this month.

John Graetz

Stephanie.  Thanks for the amplification.  In order fix this up the easiest way, just reduce the amount paid for one (or more) of the invoices in the bills cheque so as to reflect the actual amount of the bank transfer.  This is exactly what you have done - that is you have short paid one of the invoices.  That will leave an amount still to be paid which you fix up the next time you do a payment.
John L G

Stephanie Gonzalez

Thanks so much John, that makes sense. 

Linda ABC

Just adding to John suggestion - the rule of thumb is that your data entry in Reckon should reflect what actually happened in the Bank account - if you recreate that (by changing the payment amount as John has suggested) then you wont go wrong! 

Stephanie Gonzalez

Thanks Linda.