Incorrect beginning balance in bank reconciliation

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  • Updated 8 months ago
I found an error with the bank reconciliations of $500 and could not find the problem so decided it would be best to undo the previous few bank recs to find the issue. Unfortunately the balance grew bigger and bigger each time I undid a reconciliation and I am now back until July last year. I started with 0 balance (which is correct as our balance gets swept out at the end of every business day) and was happy and reconciled the first statement but now I went on to reconcile the second month and am out a huge amount with a beginning balance of $3,000,000 approx. I cannot find a transaction for that amount and I can't undo any more Recs because for some reason it says no previous reconciliations have been done, which is odd because there are entries for 6 months before the last reconciliation date.

Please help! What could have gone wrong and how can I fix it?

Should I untick all of the transactions manually in the COA and start again?

Any help would be greatly appreciated.

Thanks, Rosie
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Rosie

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Posted 3 years ago

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DebonAir

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I would first run a file rebuild and verification and then try again.
Then, depends on how far back this problem goes, you can untick and redo the recs.
However, if it goes back years, personally I would just do a journal to Open Balance Equity and get the balance correct at a certain starting point you need.
This really depends on the amount of time you want to spend on locating this issue.
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Rosie

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Thanks, I will do that as soon as I can get everyone to log out of Reckon. Its got me so frazzled now, I don't understand how the balance can just be out all of a sudden and by so much!!
Thanks for your quick reply
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Christine Dalrymple, Accredited Partner

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If I was in that situation, I would first go into locate discrepancies as it seems that a transaction could have been accidently deleted after it has been reconciled. This report would then tell you when the transaction occurred. Now that you have gone back so far, as Debonair said - create a journal against open balance equity as at 1 July to create correct open balance and then re-reconcile the year. I also suggest that once you have corrected this to date lock off your file to the end on each month once reconciled to avoid this happening again.
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Rosie

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I did a verify and a rebuild. I closed Reckon and went back in. When I first opened the bank reconciliation screen it still had the $3M approx opening balance but then it changed to zero in front of my eyes - I wouldn't believe it unless I saw it. I then reconciled a weeks worth and went back in and the opening balance is there again.
This is so odd! I don't want to add a journal because it seems to be coming and going. Has anyone had this happen before?
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DebonAir

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This does not sound good at all.  You may have a corruption somewhere.

If this was my file and work, I would do a backup. Then restore from the backup and create a new file with a new name and leave the old one as it is. Or if you have multiple people using it, rename the old file and restore from backup to create a new file with the original name. (you might need to relink everyone else to the correct file location)
The new file should not bring over any corruptions and you can then work on the solution.
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Rosie

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That's a good idea, I'll do that this afternoon once the other staff have finished for the day.
Thanks
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Rada

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Hi Rosie, I am dealing with the same issue! Did you resolve this at all and is so how??? My opening balance on reconciliation  is out by a little over $3million also! I did try rebuilding etc but still there. No idea where to go from here. Thanks in advance!