Hello
I am trying to reconcile my bank account and I am having trouble balancing.
My beginning and ending balances are good; my cleared deposits and checks also match up. I am still showing that I have $5,047 in unreconciled items.
Does anyone have any pointers on where to start looking?
Unreconciled Items
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Re: Unreconciled Items
OK, some follow up.
I have traced that dollar amount ($5047) to the amount of outstanding checks at the beginning of the Fund Accounting process.
This is what I did:
Set up Fund Accounting.
Entered in the "last statement balance" as reported on the bank statement.
Entered in any outstanding checks as of 12/31/2011 ($5047).
When I try to reconcile January, the checks that were entered as outstanding are available to clear. After clearing all checks listed on the bank statement, the amount of $5047 displays as "to balance".
Does anyone have any suggestions as to why these are listing as "to balance"?
I have traced that dollar amount ($5047) to the amount of outstanding checks at the beginning of the Fund Accounting process.
This is what I did:
Set up Fund Accounting.
Entered in the "last statement balance" as reported on the bank statement.
Entered in any outstanding checks as of 12/31/2011 ($5047).
When I try to reconcile January, the checks that were entered as outstanding are available to clear. After clearing all checks listed on the bank statement, the amount of $5047 displays as "to balance".
Does anyone have any suggestions as to why these are listing as "to balance"?
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JohnDMeyers
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Re: Unreconciled Items
I am assuming you just started using PowerChurch in Jan 2012.
If so, it sounds like the beginning balanace for the checking account was entered incorrectly, and did not subtract the $5,047 in outstanding checks.
In other words, if I have $10,000 in my checking account, with $5,047 in outstanding (uncleared checks), my PowerChurch balance should show $10,000 and the bank (at that moment) should show $15,047, because the bank doesn't know what PowerChurch already knows.
My guess is someone entered the beginning bank account as $15,047 with $5,047 in outstanding checks, which would be incorrect.
If all this is correct, the correction entry would be:
CR 01-1110-000 checking $5,047
DB 01-3110-000 unrestricted net assets $5,047
If so, it sounds like the beginning balanace for the checking account was entered incorrectly, and did not subtract the $5,047 in outstanding checks.
In other words, if I have $10,000 in my checking account, with $5,047 in outstanding (uncleared checks), my PowerChurch balance should show $10,000 and the bank (at that moment) should show $15,047, because the bank doesn't know what PowerChurch already knows.
My guess is someone entered the beginning bank account as $15,047 with $5,047 in outstanding checks, which would be incorrect.
If all this is correct, the correction entry would be:
CR 01-1110-000 checking $5,047
DB 01-3110-000 unrestricted net assets $5,047
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Re: Unreconciled Items
THANK YOU!
That was exactly it. I am now in balance.
Again, many thanks.
That was exactly it. I am now in balance.
Again, many thanks.