RECKON HOSTED

R0sie

A payment that was made in 12/MARCH was deleted after reconciliation. I have re-entered the transaction backdated to 12/MARCH, The Closing balance on latest recon now differs by this amount - What do I need to do to correct this?? Thanks in advance

Kris_Williams

Don’t worry about the balance just carry on with the next reconciliation and tick the cheque along with all the other transactions and it will balance

Acctd4

I always prefer to undo the bank rec back to the last correct opening balance & re-reconcile. If you keep your transactions tidy, it’s a 2 min process as you can just “check all” to redo 😊

Kris_Williams

I disagree, I do this many times, I didn’t mean to the current day I meant on the next scheduled reconciliation, I reconcile each statement page by page for people with very large statements, it’s a very quick process and if anything goes wrong I only have one page to check over

Acctd4

I manually check/match the ongoing balance as I go but only ever do a “Bank Rec” in the system as per actual statements in order to be able to match total debits, credits, opening & closing balances.

But each to their own 😁

Acctd4

I find it’s easier to identify if the bank rec debits & credits match the statement each time. Keeping a manual check on the balance minimises discrepancies ☺️

Kris_Williams

Yes I do by statements as well, but some people have multiple pages each month, and so I only reconcile one page at a time. Takes about a minute for each page and easily checked if anything is missing

Acctd4

@Zappy As I said before, I prefer to have all my RA Bank Rec period totals (incl Debits & Credits) matching to each specific Statement period. 

What could be simpler than exact matching with your source document? 

I've been doing this for decades too so we'll just agree to disagree on that one 😀 

Kris_Williams

I always use the date at the bottom of the page that way I can hide any transactions not on that page, mostly I just click mark all and I’m done

Acctd4

@Zappy If transactions are correctly maintained to ensure ongoing closing balance accuracy, discrepancies tend to be rare & it then only takes a few seconds to do the RA bank rec via “check all” 😁

Kris_Williams

This bookkeeper does, and has ground it into my clients since before GST even started. We had floppy disks with Mon - Fri backups and a special one for after a bank rec was done.