bank statement and reconcile

Question

My bank statement is not matching up to reconcile. I have checked that everything is where it is supposed to be and still nothing. FRUSTRATED

Answer 1

Hello ,

There can be a lot of problems when reconciling a bank statement but here are a few things to do to see if it will show you what your problem is:

1. Look at the discrepancy amount and see if that number matches up to anything that perhaps was cleared or uncleared or matcha aome number for other items. Also you can go to reports and run a discrepancy report and it may give you some detail that could be useful.

2. Check to see that your beginning balance that is listed in this month's reconciliation is the same as the ending balance from last months reconciliation.

3. Undo the reconciliation and try doing it this way -

when you get to the detail of the reconciliation check everything on both sides and then only uncheck the items that you know are outstanding on both sides. Sometimes this will take care of a problem with accidental checking of an item that is still outstanding.

4. Make sure that you have entered any interest charges or fees on the first page of the reconciliation there is a space for each of those.

5. Use the reconciliation statement on the back of your bank statement and try your reconciliation by hand and sometimes that will show you the answer.

I hope this helps please get back to me and let me know if you still have a question or let me know which item worked for you.

Good luck,

Margaret