First Time Bank Reconciliation Issues |
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First Time Bank Reconciliation Issues
Recent Conversions If your system has been recently converted to Inform from a preexisting accounting system (computerized or manual), you will not have all of your current bank transactions produced through the system. The transactions produced using your previous system will not appear in the bank reconciliation screen, preventing an accurate reconciliation.
Upon saving your initial reconciliation, the system will warn you that the reconciled balance and bank statement balance do not match. Now, use the Accept option to move all cleared transactions from the bank reconciliation screen, and create a correct opening balance with the correct remaining transactions for the next reconciliation. Once this initial "forced balance" is accepted, your next reconciliation should be clean. There may be transactions that you are unsure of at this time, which will require you to wait to see if they appear on the next bank statement. In general, precise reconciliations can be achieved after two attempts.
Established users performing a first time reconciliation If you have been using Inform for an extended period of time and have not reconciled your bank statement in the past, you may have a significant number of old transactions that must first be purged from the Bank Reconciliation screen in one or two initial reconciliations. Since this is a first time reconciliation, all cash disbursements, cash receipts, and general ledger journal entries that have ever been made will appear in the bank reconciliation screen, requiring adjusting reconciliations. In these initial reconciliations, old transactions from previous bank statements must be cleared, along with transactions from the current bank statement. The resulting balance will not reconcile with your current bank statement.
Upon saving your initial reconciliation, the system will warn you that the reconciled balance and bank statement balance do not match. Now, use the Accept option to move all cleared transactions from the bank reconciliation screen, and create a correct opening balance with the correct remaining transactions for the next reconciliation. Once this initial "forced balance" is accepted, your next reconciliation should be clean. There may be transactions that you are unsure of at this time, which will require you to wait to see if they appear on the next bank statement. In general, precise reconciliations can be achieved after two attempts. |