What Do I Do If I Cannot Reconcile

What Do I Do If I Cannot Reconcile

1.Check that the Opening Balance per your Records is the reconciled balance from the month before.

2.Check that the amount you have typed into the Bank Statement Closing Balance is the end of the month balance according to your Bank Statement.

3.Check that every credit (receipt) that has appeared on your Bank Statement is entered into your Money In Record that has been deposited. This includes transfers from other accounts and bank corrections.


4.Check that every debit (payment) that has appeared on your Bank Statement is entered into your Money Out Record. This includes bank charges, government charges, direct debits for loans or insurance and telephone banking bill payments.


5.Check that the amounts you have typed into your Money Out or Money In Records are the same as the amounts on the Bank Statement.


6.Print out a Transaction Listing for the period you are reconciling. Get a friend or associate to assist you with one reading from the Bank Statement and the other from the Transaction Listing. Tick each transaction off as you agree. The entries left unchecked on the Transaction Listing should be the deposits and cheques that are outstanding at the end of the month (together with any that are still outstanding from the previous month.) 


7.If you still cannot reconcile, you can call your Accountant for assistance.

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