Balanced sheet not balanced

Hi, DuncanJ. Thank you for your post. 

 

The key to determining where the out-of-balance amount occurred is by narrowing it down to current or previous reconciliations.

 

Here's how to do this:

• Go to the Banking menu and choose Reconcile accounts.
• Enter the Bank statement closing date as the same date as your Last reconciled date.
• Enter your Closing bank statement balance as the closing balance on your Last reconciled date (you might need to check your previous bank statement for this).
• Deselect all transactions on the Reconcile account page.
• If there is no Out of balance, the problem is with your current reconciliation. If there is an Out of balance you'll need to check your previous reconciliations as a previously reconciled transaction may have been changed or deleted.

Here are some things to look out for:

• if this is your first reconciliation, check that your account opening balance doesn't include any uncleared transactions. If it does include uncleared transactions, change the account opening balance.
• did you type the correct figure in the Closing bank statement balance field? You need to type the closing balance from your bank statement, not the opening balance.
• did you enter the correct date (that of the closing balance from your bank statement) in the Bank statement closing date field? An incorrect date may prevent some transactions from appearing in the list.
• did you select all the transactions that appear on the bank statement? If not, some transactions might not have been accounted for in the reconciled balance.
• did you select, by mistake, a transaction that didn’t appear on your bank statement? If yes, you need to deselect this transaction.

 

Let me know if there's anything that I can assist you with and I'll be happy to help! 

If I'm able to help you today, please click "Accept as Solution" to assist other users in finding this information. 

 

Best regards,

Hannah