If you add service charges or interest in error, you cannot delete the transaction. You must add a reversing entry to correct the error.

If you add an adjustment in error, you can delete it by clearing the Reconcile check box for the adjustment.

The system does not enable the Reconcile button until the difference between the Adj GL Balance field and the Adj Bank Balance field equals zero. Check the following items:

• Confirm that the Reconcile check box is selected for all items to be included in the bank statement for reconciliation.
• Confirm that the current reconciliation does not include any items from previous reconciliation periods. The first time you reconcile, the transactions might include unreconciled transactions from previous reconciliation periods. You may need to refer to your previous statements to determine which transactions should not be included in the reconciliation.
• Confirm that all items appearing on your bank statement, including interest and service charges, also appear in the system. If an item is listed on your bank statement, it is available in the system as unreconciled.
• Confirm the accuracy of items appearing in the bank statement. For example, look for incorrect check amounts. A transaction error (such as a check written for $100.52 and cashed for $100.25) must be corrected with a bank adjustment to offset the bank balance and complete the reconciliation.

The bank account setup GL Accounts Tab includes fields that allow you to associate many entities to a bank account. Businesses frequently use this ability to add cash and accrual entities. However, the system allows you to select only one general ledger account for electronic reconciliation. Any other general ledger cash accounts must be reconciled manually. You must create journal entries for the additional entitiescompanies.

Deposits

These are funds received from your customers that pay bills for goods or services that your business provided to them.

Deposits in Transit

These are deposits that have been made to the bank but do not show on the bank statement.

Payments

These are checks and direct deposit advices that have been issued by your company to pay for goods or services consumed by your business.

Outstanding Checks

These are checks or direct deposit advices that have been written against this account but do not show on the bank statement being reconciled.

See Also

 

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