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Reconciling Bank Statement

Posted: Thu Jul 30, 2020 3:32 pm
by khroberts
I just started the treasurer position on June 1. Bank statements starting in January have not been reconciled to zero. They have been completed, meaning not postponed, but never balanced to zero. I am trying to balance the June statement and cannot get it to zero. My question is, do the unreconciled balances carry over to the next month even though they were closed, or does it start over again with the new month and statement? I have printed the check register by fund report to try and find my mistake, but everything checks out. I am not sure what to do. Can anyone help?

Re: Reconciling Bank Statement

Posted: Thu Jul 30, 2020 9:25 pm
by NeilZ
khroberts wrote:
Thu Jul 30, 2020 3:32 pm
I just started the treasurer position on June 1. Bank statements starting in January have not been reconciled to zero. They have been completed, meaning not postponed, but never balanced to zero. I am trying to balance the June statement and cannot get it to zero. My question is, do the unreconciled balances carry over to the next month even though they were closed, or does it start over again with the new month and statement? I have printed the check register by fund report to try and find my mistake, but everything checks out. I am not sure what to do. Can anyone help?
First off, you DON'T have to close months, in fact, its better if you leave them open in case stuff like this turns up. In version 11, you can keep 18 months open, in version 12, you can keep months open indefinitely. There is no real 'carry over' on reconciliations. Once you clear the checks & deposits during the reconciliation, the system takes the bank statement balance, subtracts what it has for outstanding checks, adds in any outstanding deposits, and then shows an adjusted balance. It then subtracts what it has for a checking balance from the bank's adjusted balance.

Before we can recommend anything what is off? We have to assume that the bank is right since it shows what has actually cleared the bank. Is the bottom line a positive or negative amount. That will determine what is going on.

If positive, then PCPlus is not reflecting all transactions the bank has seen, if negative then someone cleared a check that shouldn't have been. I suspect that this has gone on far longer than thru January 2020. You should be able to review previous reconciliations using the Funds Accounting Report Bank/Credit Card Reconciliation Report.