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L-Plater's avatar
L-Plater
User
5 years ago
Solved

Difference between Closing Statement Balance and Calculated Statement Balance

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's avatar
    Tracey_H
    5 years ago

    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.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    5 years ago

    Hi L-Plater 

     

    Thanks for your post.  Can I confirm that you are referring to the Reconcile Accounts window? The Closing Statement Balance is the closing balance on the statement provided by your bank. The Calculated Statement Balance is the closing balance of the previous reconciliation and any transactions that have been ticked in the Reconcile Accounts window.

     

    So, when reconciling your account you do need to change the Closing Statement Balance to the Closing Balance amount on the bank statement provided by your bank.  The Bank Statement Date will be the closing date that appears on your bank statement. You then match and tick all transactions which should leave you with the Out of Balance amount $0.00.

     

    These help articles will help with reconciling your accounts:

    Reconciling your bank accounts 

    Resolving out of balance bank reconciliations 

    • L-Plater's avatar
      L-Plater
      User
      5 years ago

      Thank you Tracey,

      Yes, it is when reconciling.

      I did change the closing statement balance to be correct, but the next month it reverts back to the same incorrect amount? I’ve looked back but can’t see a problem, so I’m wondering how to find where this amount is that keeps popping up, or why it is doing it?

       Thank you 

      • Tracey_H's avatar
        Tracey_H
        Former Staff
        5 years ago

        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.

         

        If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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