Bank Reconciliation OOPS

[MrsK@WABC]

When I was reconciling our General Fund bank statement, I mistakenly reversed numbers when I entered the "balance per bank statement." This has left me with a .27 shortage in my General Fund balance. What is the best way to correct this?

[JohnDMeyers]

Undo the transaction with the error. You can locate it in Fund Accounting / View Posted Transactions and use the REVERSE button, and post it.

Then, enter the correct transaction and post it.

By the way, I was told that reversing numbers results in an error that is always divisible by 9!

[Zorak]

always divisible by 9!

Cool!

[Eden Whitehead]

When I was reconciling our General Fund bank statement, I mistakenly reversed numbers when I entered the "balance per bank statement." This has left me with a .27 shortage in my General Fund balance. What is the best way to correct this?

I may be misreading/misunderstanding the original post, but it sounds to me as if the error was not made while entering a transaction - which would be reversible - but while reconciling the bank statement. Specifically, on the first screen, in the third box down, an incorrect amount was entered. Is something like that reversible somewhere?

I ALWAYS make a backup of accounting files before starting bank statement reconciliation. So, in the case I've described, I would restore the pre-reconciliation backup and do it all over again.

If there is an easier way to have a do-over of a bank statement reconciliation, I'd sure like to know about it!

In the absence of a backup to restore to, I think I'd probably just make a correcting entry in Fund Accounting for the amount of the error with full notation of the reason for the transaction.

Eden

[Jeff]

If you have not finished the reconciliation, then you should be able to postpone the reconciliation and when you bring it back up change the bank statement amount. It should remember what you put in last, but you should be able to change the amount.

[MrsK@WABC]

My problem is as Eden described, and I've already finished the reconciliation I really don't want to start from a backup unless I absolutely have to. What accounts would I use to enter the correction of .27 shortage . (ie: my statement balance ended .30, and I entered .03)? I just don't want to end up with multiple entries trying to figure this thing out:)
Thanks
Mrs. K

[JohnDMeyers]

If you've already clicked on DONE, then what amount are you off?

You need to be off by 27 cents to be "in balance" for this month, with the 27 cents being greater in PowerChurch than your bank statement amount.

If you are off by exactly 27 cents, then you are okay for this month. Next month, everything will be fine and the amount will reconcile to $0.00.

[debbieg]

yes, hindsight is 20-20 but I agree with Eden. ALWAYS do a backup before starting your reconciliation process. I have had months where I have backed up and restored 3 or 4 times before everything was correct.