Correct an 'out-of-balance'

R1ngSt1nger
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Correct an 'out-of-balance'

I'm new to this, we run a very small short-term rental business and just looking at reconciling the bank account (we import the feed).

 

Can't seem to get the calculated balance to match the actual bank balance. I think the reason is because we spend from three different bank accounts, and I've been recording the transactions against the one bank account (yeah my mistake).

 

I just want to be able to 'write off the error', and start from scratch without mucking around. I don't want to go through a year's worth of transactions and change the spending account, as it's not really important.

 

Is it a journal entry that I need to do to make the adjustment, or just 'spend money'.

 

Any help would be appreciated.

1 REPLY 1
CloverQ
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Re: Correct an 'out-of-balance'

Hi @R1ngSt1nger 

 

If you don't want to fix individual transactions with the correct bank account, then you can consider using general journals to update the account balances. Generally this means you'll need to work out the total figure to be moved from one bank account to another, then record the journal accordingly with detailed notes. It can also be recorded as Transfer Funds/Spend Money/Receive Money transactions depending on your preferences/needs.

 

It is best to discuss with your accountant about how to enter these journals so that your account balances are fixed and reported correctly. I hope this helps.

Cheers,
Clover

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