RECKON HOSTED
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
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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
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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 😊
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You don't need to unrevoncil anything. What you do need to do is to reconcile the transaction back to the original date it was reconciled. It's why I always reconcile to the last day of the month regardless of the bank statement date. You only have twelve reconciliation a year and only 12 places to look if it gets out of balance, Shaz unreconciling is hardly ever necessary and a waste of time . Please dont do what Kris says and reconcile it to the current date. It will cause havoc later. Call me if this is unclear 0407744914
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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
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You can disagree. You are just creating work. It's totally unnecessary. I dont know maybe I'm too busy to waste that kind of time on unproductive activities.
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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 😁
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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 ☺️
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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
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What could be simpler than twelve bank recons a year?
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Shaz you can reconcile every day using the month end as the balance date. Ive been doing this for decades.
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@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 😀
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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
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Except Shaz it's just as easy to balance to the end of the month and saves you having 52 recs a year if you balance weekly. Have you ever tried to find an error in 52 places as against 12? I understand everyone has this own processes. I'm just telling you what works for me. Everyone has internet banking. You can reconcile the bank every day but that would mean 251 recs a year. This is what I did at my very first bookkeeping job in 1999. I'd never do that today.
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@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” 😁
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Shaz thats true to a point. Most small business owners don't do this. Neither do most bookkeepers. As an aside, they don't do regular backups either. We both know this.
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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.
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