I have three bank statements each month to reconcile. Whenever I get a
discrepancy, usually I can find it was user error (mine or anyone
else's). Often times I am still a few cents off and it bugs me. I'll
create a journal entry to adjust the bank account and write the rest off
to our bad debt account.
If you reconcile the current month and balance out. By definition your
beginning balance the next month is correct.
However... not always true with SQL. I have had a few cases where the
beginning balance was not correct. The ending balance on the previous
month was correct, but the beginning balance on the new month was not
the same. I think when you get multiple payments on an invoice that span
from one reconciliation period to another, I would get a different
beginning balance. But... I would always be able to balance the
statement when I finished. And if I created an entry to try to balance
the beginning of the new reconciliation, then I would find that I would
be off at the end of the recon, by that entry amount.
The other situation is... if the old reconciliation was
01-01-2011 to 01-31-2011
Your new reconciliation can not be
01-31-2011 to 02-28-2011
It must be
02-01-2011 to 02-28-2011
That little bit of an overlap might screw things up.
Does any of this help? I've been using regular SQL.. not 123, since the
summer of 2003.
Jeff
--
Jeff Kaminsky
Sr. Accountant / Logistics
IX Systems
408-943-4100 ext 122
408-943-4101
On 7/22/2011 8:53 AM, Rich Shepard wrote:
Reconciling bank statements has been discussed here before and,
while I've
followed the advice and suggestions in the threads, I'm still having fits
each month.
When I get the bank statement I check the cleared debits and
credits, then
reconcile with pencil on the statement. L123 matches the total on the
statement. However, opening Cash -> Reconciliation the displayed opening
balance is not that of the statement (see below), and when I enter the
statement's closing balance and click the 'Update' button there is
always a
discrepancy (either + or -). Knowing that L123 does match the bank, I
finagle the displayed closing balance amount until I get no
discrepancy and
can finish. This finagling is almost certainly why the displayed opening
balance the following month is off.
I don't change anything on the page for date range, just accept all the
defaults. I've not been able to discover why it's always off and would
appreciate some ideas from you experts. FWIW, I can access the account
on-line and can check the L123 balance with that of my bank and they
always
match. Why they don't when I go to reconcile with the printed
statement in
front of me makes no sense.
Rich
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--
Jeff Kaminsky
Sr. Accountant / Logistics
IX Systems
408-943-4100 ext 122
408-943-4101
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