Help! Reconciling, posted transaction dates, etc.
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Help! Reconciling, posted transaction dates, etc.
I know this is alot but I need alot of help! I don't know this system at all and there is noone here who knows it either. I know all the steps to reconcile, but no matter what, every time it doesn't balance out even though everything on my check register is the same as my bank statement. Also, I have posted several transactions to the wrong accounting month. Any suggestions?
A. Mounce
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Zorak
- Tech Support
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Transactions posted to the wrong month can only be corrected by reversing the transaction out of the wrong month (either void a check in Accounts Payable, Payroll, or by journal entry in Fund Accounting) then reenter and post into the proper month.
As far as the bank reconciliation goes, if everything else is correct, but you are still unable to reconcile, it may be an issue with an incorrect beginning balance in the system. The test: Are you off by the same amount each month? If so, it's an account balance issue. Otherwise, if it changes each month, you have ongoing problems, such as transactions posted backward (checks should credit, deposits should debit) or to the wrong accounts.
As far as the bank reconciliation goes, if everything else is correct, but you are still unable to reconcile, it may be an issue with an incorrect beginning balance in the system. The test: Are you off by the same amount each month? If so, it's an account balance issue. Otherwise, if it changes each month, you have ongoing problems, such as transactions posted backward (checks should credit, deposits should debit) or to the wrong accounts.