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BuidonCert's avatar
BuidonCert
Contributing User
3 years ago

Reconciliation - Outstanding Cheques & Outstanding Deposits

Hi,

 

I have taken over the from another staff member who has left the company.

When conducting the reconciliation there are several issues:

1. Outstanding cheques and outstanding deposits from months ago

2. A tranasaction that is not on the bank statement hard copy.

3. We have received a payment from a company that is for several invoices to different owners, however I cannot match this on the bank feed due different amounts. How do I resolve without the them becaming outstanding on the reconciliation.

 

Thankyou in advance.

Chelsea

 

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  • LRBooks61's avatar
    LRBooks61
    Ultimate Cover User
    3 years ago

    Hi Chelsea 

     

    Lots of probs!

     

    1 for the outstanding cheques and deposits

    You will need to go to the bank statement and check - are these legitimate deposits and payments

    It could just be that the entries are doubled up. 

    I suggest you check the transaction and see if it is on the bank statements - look at source documents to determine legitimacy also. 

     

    I like to use the find transaction in the bank window . Youu need the accounts tab and the advance filter

     

    Select all accounts

    change date range and then enter the amounty you are chasing.

     

    See what comes up - has the transaction been entered as a receive money /spend money as well as a pay bill receive money.

     

    2 Look at the transaction is it in the wrong bank account ? Again source documents can you assist , Is it just an incorrect date or just wrong , delete if it is and you can or reverse if that is the only option

     

    3 You could receive the payments to the bank account undeposited funds and then prepare the deposit for the whole amount 

     

    Hope that helps

     

    Lisa

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