Adding uncleared deposits to the bank reconciliation opening balances

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Can someone advise the process of adding uncleared deposits to the opening balance associated with a bank reconciliation for a new entity. Conversations around unpresented cheques are many but searches specifically relating to uncleared deposits have not been successful.
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Reno_C

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Posted 1 year ago

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John G, Information Support Analyst

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Hello Reno,

Welcome to the Reckon Community.

Generally, you would enter the unpresented cheques again individually into your Company file / Book so they will be available for reconciliation later.  That means your Opening balance should be your bank statement balance, and when added to the total value of the unpresented cheques, equal the ledger opening balance you want.  

I hope this helps.


regards,
John.
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Reno_C

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John thanks but this continues to bother me as now that I am doing the bank reconciliation I am unable to balance it because I have the bank account balance entered as part of the trial balance load up appearing in the bank reconciliation screen, a zero opening balance because this is the first time this account has been reconciled in the new entity.

What I am understanding from your reply above is that the opening balance in the bank reconciliation screen should be that as per the bank statement and not the general ledger balance as per the trial balance.  If that is the case where does the difference between the two bank balances go to? open equity?
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John G, Information Support Analyst

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Hello Reno,

The difference between the real bank balance and the ledger bank balance on the Trial Balance is accounted for by the unreconciled transactions (unpresented cheques).  There are two ways to handle the unreconciled transactions:

  • Adjust the opening balance for the unreconciled transactions (the real bank balance) and enter the original transactions and the bank transaction.  The end result will be your Trail Balance bank balance.
  • Use the Trial Balance bank balance as your opening balance and then enter the unreconciled bank transactions via a Write Cheque or Make Deposit with the Bank Account selected as the account – that is, the transaction will make a debit and credit entry to the bank account.  Enter sufficient details in the Memo to identify the transaction.  (Note:  You will see a debit entry and a credit entry for the same amount on the Bank – Reconcile screen.  When the transaction appears for reconciliation you must tick both the debit and credit entries.) 

regards,
John.