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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 bank reconciliation.
Here's some things things to look out for.
- 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.
If you've checked the above and you're still out of balance, then the problem may be with a prior period that you've already reconciled.
If you've deleted or reversed a previously reconciled transaction, re-enter it and then select it in the Reconcile Accounts window when performing the reconciliation.
Alternatively you can undo a bank 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. Before you undo a reconciliation it's recommended that you make a backup of your company file..
- 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.
Still out of balance? Then check if the opening balance of the bank account has been changed. If it's been changed you'll need to change it back to its original value.