QUESTION:
What are some suggestions to identify why the Bank Reconciliation is Out of Balance?
SUGGESTIONS:
1. Check the Bank Statement Ending Date and Ending Balance on the Reconciliation Screen
2. Look at previous month’s Bank Recon Reports for any Step 5 items to verify the item has been resolved in current month.
How to Reprint a Bank Recon Report
If item is still unresolved, make the same Step 5 adjustment on current month’s recon, or do an appropriate Journal Entry.
3. Print the Journal Entry Register for this month.
Journal Entry Register
Did you have any Bank Interest, Charges, or Returned Checks?
If so, did you use the correct posting date?
4. Compare the Deposit total on your bank statement with the total receipts on your Receipts and Disbursements Report.
<insert link to Receipts and Disbursements Report here >
Allow for interest and returned checks.
Do the totals match?
5. Print the Check Register for this month.
Check Register
Verify the bank’s cleared check amount with the amount on the previous month’s outstanding check list and/or the current month’s check register.
6. Print your Void Receipt Register.
Void Receipt Register
Are there any voids that fall between the statement date and now?
7. Print your Void Check Register.
Void Check Register
Are there any voids that fall between the statement date and now?
8. Carefully review the bank statement for hidden charges and errors.
9. If you have any Other Asset accounts in SFO and their balances are not showing in the blue and white grid on the recon screen, click on the Step # 6 Other Assets button, then click the Next Step button to move to Step # 7.