Difference between Closing Statement Balance and Calculated Statement Balance

L-Plater

My closing statement balance is incorrect but my claculated statement balance is correct. I can not find where the problem is? Sorry if this is basic, but it is really frustrating me and I cant find anything online or in the forum to point me in the right direction. 

I may have done the wrong thing in changing it to be correct, but even after reconciling, it goes back to being incorrect, even when the calculated statement balance continues to be correct.

Can someone please assist?

Thank you

Tracey_H

Hi @L-Plater 

 

You do need to change the Closing Balance each time you reconcile your accounts, it will never be correct as you need to manually enter the amount from the statement provided by your bank. If you wanted to reconcile prior to receiving a bank statement, you would need to go into your internet banking and get the balance of your account on the day you are reconciling to.

 

The way the Reconcile Accounts window works is that you enter the closing balance and date from your bank statement. You then match the transactions on your bank statement to the transactions entered in AccountRight by checking they are correct and then ticking them both on the statement and in Reconcile Accounts. Each time you tick a transaction in Reconcile Accounts it changes the Calculated Statement balance. Once all transactions have been ticked the Calculated Statement balance should be the same as the Closing Statement balance (your actual bank balance on that day). This process matches what you have recorded in AccountRight with what has actually occurred in your bank account. 

 

If you use Bank Feeds, this speeds up the matching of your transactions as it imports the data directly from your bank account into AccountRight, meaning you don't need to match using a paper statement. 

 

I hope this clarifies it for you. Please do let me know if you have further questions.

 

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