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An out of balance amount tells you that something isn't quite right. So you need to work out what's gone wrong. Start by checking whether it's with the current reconciliation.
- Check the following:
- did you type the correct figure in the Closing Statement Balance field? You need to type the closing balance from your bank statement, not the opening balance.
- did you enter the correct date (that of the closing balance from your bank statement) in the Bank Statement Date field? An incorrect date may prevent some transactions from appearing in the list.
- did you select all the transactions that appear on the bank statement? If not, some transactions might not have been accounted for in the reconciled balance.
- did you select, by mistake, a transaction that didn’t appear on your bank statement? If yes, you need to deselect this transaction.
- did you record all bank charges and bank interest entries that appear on the bank statement? If not, you need to record them and select them for reconciliation.
- Repeat the reconciliation procedure.
- If your account's still out of balance, then you might have deleted a transaction that has been reconciled previously. If you've deleted a reconciled transaction, re-enter it and then select it in the Reconcile Accounts window when performing the reconciliation.
If you've reconciled a transaction in error or deleted or reversed a previously reconciled transaction, you can undo the previous account reconciliation. When you undo a reconciliation, all transactions for that period return to an unreconciled status.
If the error was made in a reconciliation earlier than your last reconciliation, you can undo several reconciliation periods in succession in your current financial year.
- Go to the Banking command centre and click Reconcile Accounts. The Reconcile Accounts window appears.
- In the Account field, enter the account for which you want to undo the reconciliation.
- Click Undo Reconciliation. The Undo Last Reconciliation window appears, confirming the account and date of the reconciliation you are undoing.
- Click Undo Reconciliation. A confirmation window appears.
- Click OK. The Reconcile Accounts window reappears.