Bank Reconciliation issue

Galway2145

General Ledger is correct, all cash receipts payment all link to bank account are correct with my bank statement, but when I reconcile with banking it is not correct.

I have gone back to the start & even the 1st month will not reconcile even though my General ledger is correct with my bank statement.  How do I resolve this..Please

Shella_A

Hi @Galway2145,

 

Thanks for your post, and welcome to the Community Forum.

 

My apologies for the late response. There are ways we can determine what causes these issues. We recommend taking the steps below to resolve this:

 

Bank Reconciliation:

• Check your opening balance: Verify that the starting balance on your bank statement matches the starting balance on your own accounting records.
• Review your transactions: If there are errors in some of the numbers or entries that are missing from either your account or the bank statement, you'll need to determine the cause and make adjustments so that the two match.
• Adjust the bank statement: If there are items on your business’s account that are not reflected on the bank statement, you’ll want to add them. These items might include cash-in-transit, pending deposits, outstanding checks, and bank errors.
• Adjust the cash account: Your business’s cash account will likely need some adjustments. Bank fees and other charges, accrued interest, not sufficient funds (NSF) checks, and errors are some of the items you might need to adjust.
• Check your closing balance. Once you’ve gone through and matched each transaction, compare the final closing balance on the bank statement to your account. The two should match.

 

General Ledger Reconciliation:

• Perform regular reconciliations: Verify account balances match supporting documentation like bank statements, supplier invoices, and other transaction records.
• Make closing entries. Reset temporary account balances.
• Conduct periodic audits. Compare general ledger totals to your trial balance to help identify potential issues to address.
• Archive old ledgers: After closing out yearly accounting periods, archive old ledgers for record-keeping purposes while keeping the current general ledger file active.

 

Let me know if you're still having issues after trying these steps so we can investigate this further.

 

Otherwise, if my response has answered your inquiry, please click "Accept as Solution" to help other users find this. 

 

 

Thanks,

Shella