INCORRECT CALCULATED BANK BALANCE

OldieLearner51

A few months back I changed from doing my bank reconciliation through banking reconcile accounts to the live bank feed. Since then, even though I have balanced to the cent on paper and the live feed, I can close off the reconciliation because the reconcile accounts balance is incorrect.  When I put in my closing balance from my bank statement here, the expected balance on the screen is incorrect therefore not allowing me to reconcile.

 

eg: CLOSING BALANCE +$1475.74  THIS IS CORRECT

CALC BAL                       +$2616.68

OUT OF BALANCE          +$1140.94

I can't change the CALCUCLATED balance and it has been suggested that I do a jouranl to correct this but am unsure of how to do this.

Any help gratefully received

Sean_DC

Hi @OldieLearner51 

 

Thank you for your post.

 

The calculated statement balance figure comes from the closing balance of the previous reconciliation, and any transactions that have been ticked in the Reconcile Accounts window. So if your calculated statement balance does not agree with your closing statement balance then that means one of two things have gone on. Either there is an error in what has been ticked inside the reconciled accounts, or a previously reconciled transaction has been changed or deleted.

 

It would be worth just double-checking to make sure that a transaction hasn’t been ticked incorrectly. Although I’m sure this isn’t the case it is still worth double checking to make sure that something hasn’t been missed. Once you have confirmed that the current transactions have been ticked then you have to look at the previous reconciliation and ensure that is still in balance.

 

If a previously reconciled transaction has been changed or deleted, then it would be best to follow the steps outlined in this thread, Bank reconciliation closing bank balance now changed. This thread does discuss how to check and detect if a previously reconciled transaction has been changed or deleted. If a previously reconciled transaction was deleted, then it would affect the calculated statement balance, and create an out of balance in your bank reconciliation.

 

Once you have found the transaction then you will need to make sure that the previous bank reconciliation is still correct. You can do this through the steps detailed in the aforementioned thread.

 

Once the previous reconciliation is correct then the calculated statement balance should be correct going into the bank reconciliation, which when coupled with the correct ticked transactions it should make your calculated statement balance match up to the closing balance and resolve the out of balance.

 

 

Please feel free to post again. I'm happy to assist further.

 

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