Bank Reconcilliation
My previous months Bank recouncillation which was recounciled now does not recounciles with the Bank Statement.
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I got same problem. The question is, will the solution provided by you also resolve Cash at bank issue for last year. CAB in Balance sheet is currently out by same amount. Or last year will be out and current period which is this year will be balanced. If this is the situation than how to balance CAB for last year Dec
Hi Ratish
If the balance sheet is out for last year, there are different steps to follow for correcting that. The steps given below fix the issue with reconciliation reports and out of balance related to that:Firstly to confirm if there is a glitch in the reports, can you please do the following:
- Check Last Reconciled date on Reconcile Accounts window.
- Go to Reports > Banking > Cheques and Deposits > Reconciliation Report
- Select Advanced Filters
- Select Individual bank account > OK
- Select Change Entered Statement Date to List of Recorded Statement Dates and Run Report
- Click on Statement Date to see all statement dates
If the latest date on this report does not match the last reconciled date on the reconcile accounts window, that means there is an issue with the report. In order to correct it, take a backup of your file, and- Go to Banking > Reconcile Accounts
- Enter a fake date after the latest statement date: e.g. 01/08/2023. Ignore the message about the transaction being future-dated.
- Enter the Calculated Statement Balance into the Closing Statement Balance field, so that the Out of Balance is $0.00
- Press the Reconcile button. This should then allow you undo the 'fake' reconciliation and any other future dated transactions and the transactions should show up for you to reconcile again.
Let us know how you go on.
Thank you but this will be recounciled as of current date. But how to correct last year December Cash at bank. When balance sheet will be pulled for Dec it will be out by the $1000. But balance sheet for June this year will be okay. How to balance the CAB for Dec than
Hi Ratish
Can you please attach the balance sheet for December and also for June? You're welcome to send it by Private Message too if it contains sensitive information.Hi Komal,
I did what you've told ealier. But Dec Rec would not match with balance expected on statement. Well it be hard to unreconcile 5 months and do Rec for Dec again with huge amount of data. How can we explain this to Auditors or there is way to resolve this.
Hi Ratish
In that case, I would recommend taking a backup of your file and then trying to undo the reconciliation till December, and reconcile that period again to check if the balances are then correct. Unfortunately, it would be hard to fix this without having to undo the reconciliation. Resolving out of bank balance reconciliations help article has detailed instructions on how to identify the possible cause of out of balance and then fix it.
