Why the difference between marked cleared credits and debits equal to half the irreconcilable differ

ZHENHUA ZHOU
ZHENHUA ZHOU Member Posts: 5
edited September 2019 in Accounts Hosted
Dear experts,

This is my first time to do bank reconciliation by myself with reckon accounts hosted. I found the difference is not 0, and it equal to twice difference between marked cleared credits and Debits. Why this? And how to fix it please?imageimage

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited September 2019

    Hi Zhenhua

     

    Whilst I use online banking daily to check/enter transactions, I find it’s best practice to process a “Reconcile” in RA/RAH in line with the actual bank account statements as this gives you accurate & matching totals.

     

    Firstly, check your “Beginning Balance

    This is the “Ending Balance” of the last Bank Reconciliation & MUST match your starting/opening balance on your current Statement.

     

    If this is NOT correct, you will need to “Undo Last Reconciliation” back to the last statement when it WAS correct.

     

    Tick off each transaction as per your statement. 

    Your totals for both deposits (in) & payments (out) shown at the bottom of your screen will also been shown on your statement.  This allows you to determine which ‘side’ any discrepancy is on.

     

    If your beginning balance & reconciled totals are correct, you will successfully process your Bank Reconciliation with $ 0.00 difference.

     

    Once you have reconciled as per above a few times, you can tick the “Hide transactions after the statement’s end date” checkbox on the upper right of your Reconcile window.  You should then be able to click on “Mark All” to reconcile all transactions correctly to $ 0.00 quickly & easily  :)  

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    shazinoz2@bigpond.com

    www.accounted4bs.com


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • ZHENHUA ZHOU
    ZHENHUA ZHOU Member Posts: 5
    edited June 2019
    Dear Shaz,

    Appreciate for your reply.

    I did check that the “Ending Balance” of the last Bank Reconciliation and match the opening balance on the current Statement. And I did ticked off each transaction as the bank statement, they are totally match. But Bank Reconciliation still with difference, which equal to double difference between all credits(in) and all debits(out). 

    I just wondering is that because this is a credit card account? Balance on bank statement is negative. Should I do something with the negative sign "-"?

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited June 2019
    Ahhhhh - Yes, you need to enter the closing balance as a negative

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • ZHENHUA ZHOU
    ZHENHUA ZHOU Member Posts: 5
    edited June 2019
    But the beginning balance without negative sign, which is negative on the bank statement as well. Really confused.

    When click begin reconciliation(as the screen below), the Beginning Balance is fixed, as Ending Balance of last reconciliation (balanced).image

    So if both Ending Balance and Beginning Balance are all with negative sign on Reckon Accounts Hosted, then the difference will be "0".   How can I fix it?
  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited June 2019
    If it’s set up as a ”Credit Card” account, the balances - both beginning & ending - will always be positive as this is credit. The same applies if it’s a a bank account ( unless it’s got an overdrawn balance) as this is available funds. Therefore, if the current beginning balance on the statement is negative, it hasn’t been reconciled correctly previously as it would show your beginning balance NOW as a negative. Depending how far back the issue goes, I would suggest undoing the previous bank reconciliations back to the last correct ending balance (negative) so that your opening balance is correct for you to start the current one. Was someone else reconciling the account previously? Did they print out the reconciliation reports?

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • ZHENHUA ZHOU
    ZHENHUA ZHOU Member Posts: 5
    edited June 2019
    Thank you Shaz. Yes, should be the previous bookkeeper reconciled the account. And the figures on printed reconciliation reports are all negative, same as the bank statement.
  • glendaveale
    glendaveale Member Posts: 176 ✭✭
    edited June 2019
    Where are you located?  Would you like someone to come and help with this?
  • ZHENHUA ZHOU
    ZHENHUA ZHOU Member Posts: 5
    edited June 2019
    Thank you Glenda. I think I found it.
  • glendaveale
    glendaveale Member Posts: 176 ✭✭
    edited June 2019
    That's great.  Wonderful to have this forum to help each other.