best way to correct a reconciliation discrepancy?

Hi can anyone advise the best way to correct a reconciliation discrepancy? I moved a transaction to different supplier and deleted the payment. I reentered the payment with exact dates and it threw out a bank rec from May 2017. Not sure on way to fix . Not really keen to undo 6 reconciliations. Help

Suzanne

100 Points

Posted 1 year ago

1 year ago

John Graetz

19,592 Points

Hi Suzanne. I would be inclined to do something like this:
1. Recond on the May reconciliation what has happened and what you are about to do.
2. Take a backup before you start, just in case.
3. Do another reconciliation as at the same date as your last reconciliation. When you start, you will notice that prior balance/s will be out by the amount of the deleted payment.
4. From the list of unreconciled entries, mark off the re-entered payment from May. At that point the difference in the bottom right hand corner, should go to zero. If it does, click on reconcile now and your problem should be fixed. If for some reason it doesn't, you can always go to undo last reconciliation,.but I feel that this will work as I have had to do something like this in the past, myself. Then make a notation on the reconciliation that you have just completed, as to the reason why you did this.
John L G

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2018-02-01T03:20:03+00:00

Suzanne

100 Points

Thanks Kevin. I am lucky it was the credit card so it is only monthly. Thank you I will have a go. Appreciate all the help :)

2018-02-01T06:05:06+00:00

John Graetz

19,592 Points

Kevin. I believe that it should fix the problem. The only issue that I can perceive at present is that the bank recs are out because there is a deposit from May which hasn't been included in the reconciliation for May. This means that every other reconciliation will show as being out by the same amount, until such time as the unreconciled deposit is included. That is why I suggested doing a second reconciliation at at 31/12/17 so that that deposit can finally be recognised. I have seen this happen in the past because something was inadvertently deleted and then reinstated. There will not be any effect on anything else except the bank recs, because the new deposit was re-entered under the same date as the original (deleted) entry.
John L G

(Edited)

2018-02-01T07:09:09+00:00

Kevin Russell, Accredited Partner

43,552 Points

John it won't reconcile it at the original date. If you rerun the reconcilitaion at the original date in future, the reconciled balance will not be correct. John I am called on to correct these errors all of the time. My method is tried and tested. Thanks for your input.

2018-02-01T09:21:48+00:00

Kevin Russell, Accredited Partner

43,552 Points

Not particularly relevant but the other small business software will allow you to use my method as well. Somewhere inside the software it stores the original reconciled date. Sometimes this field is visible other times not.

2018-02-01T23:29:03+00:00

Suzanne

100 Points

Hi Kevin, I have gone to reconcile the report that has the discrepancy and I have put in the original reconciled date what do i put as the ending balance. Do I need to have 0 or the amount that has come up as the discrepancy before I hit reconcile now.

best way to correct a reconciliation discrepancy?

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