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When you're reconciling a bank account, an out of balance amount tells you that something isn't quite right. So you need to work out what's gone wrong.
Here are some 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.
has the opening balance of the bank account been changed? If it has, you'll need to change it back to its original value. You might need to restore an early backup to check the account's original opening balance.
- has a previously reconciled transaction been deleted or reversed? If it has, re-enter it then select it in the Reconcile Accounts window when performing the reconciliation.
If you find your issue relates to a previous reconciliation (perhaps a transaction was incorrectly reconciled, or a wrong date was used) you can undo the last reconciliation. When you undo a reconciliation, all transactions for that period return to an unreconciled status and they will need to be reconciled again.
- 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.
Undoing a bank reconciliation can't be reversed, so it's strongly suggested you click Back Up to create a backup before proceeding.
- Click Undo Reconciliation. A confirmation window appears.
- Click OK. The Reconcile Accounts window reappears.