Beginning balance different from Previous Closing Balance - Bank Reconciliation

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  • Updated 3 years ago
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I am a bit stumped.

What may cause a difference between the cleared balance on one bank reconciliation and the beginning balance on the following bank reconciliation?

This question includes the following issues;

The bank reconciliation had a Cleared Balance of $31,000 
The next bank reconciliation had a Beginning Balance of $1,000
2 transactions were entered twice, once on the first recon and again on the second recon (only appeared once on the bank statement)
Co-incidentally the net effect of these 2 transactions is $30,000

The discrepancy report has not shown any issues.

Any suggestions?
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J White

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Posted 3 years ago

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Kevin Russell, Accredited Partner

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Unreconcile the bank and reconcile it again
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Fizzer

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Balances are affected any time you modify an old entry, usually you get a warning window with a simple OK button. I find doing a correction say in last month will blow the start balance, simply enter the same amount and same date of your last successful reconciliation, make sure you tick to hide entries after that date (top right) then the unreconciled entries should show up in the lists. Best of luck.
You said the transactions were entered twice, no doubt you've deleted the duplicate entries however the $30 you deleted was cleared. As Fizzer said, simply enter the same amount and same date of your last successful reconciliation, make sure you tick to hide entries after that date (top right) then the un-reconciled entries should show up in the lists.
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Kevin Russell, Accredited Partner

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If you are going to rereconcile the bank you need to reconcile the transactipn at the date it was originally reconciled. If you reconcile it at the most recent date your previous reconciliations will be incorrect
correct see, that is why it is suggested to enter the same date as the original rec.
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Kevin Russell, Accredited Partner

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Yes thats correct. Im in the habit of recomciling every day.
That's a good habit of you 100s of transaction every day
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Heather Sanders, Accredited Partner

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You can check the error with the reconciliation discrepancy report. You can in reconcile and re reconcile but I strong recommend a backup first.