First Time Reconciling - NOT

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KathyL
Posts: 5
Joined: Mon Jan 13, 2020 12:47 pm

First Time Reconciling - NOT

Post by KathyL »

I'm trying to reconcile the bank account for January. My items cleared match to my bank statement. My "To Balance" is zero...but my "Adjusted Balance & Checking Account Balance" are overstated by an amount that shows at the beginning of my deposits "Balances 01/01/2020 Enter Beginning Balances of 22220.60" (We just started on the system in January 2020)

What have I done wrong and any suggestions on how to fix my problem??????

NeilZ
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Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: First Time Reconciling - NOT

Post by NeilZ »

KathyL wrote:I'm trying to reconcile the bank account for January. My items cleared match to my bank statement. My "To Balance" is zero...but my "Adjusted Balance & Checking Account Balance" are overstated by an amount that shows at the beginning of my deposits "Balances 01/01/2020 Enter Beginning Balances of 22220.60" (We just started on the system in January 2020)

What have I done wrong and any suggestions on how to fix my problem??????
All items cleared the bank, the to balance is zero. I don't understand what the issue is.

When you do the reconciliation, it should show the beginning balance as you entered for Jan 1st. When you did the setup, it asked you for the checking account balance from your check register as of Dec 31st. You should have entered any outstanding checks and deposits as of Dec 31st.

The bank statement then will reflect all deposits, checks, and other deductions that cleared the bank as of the end of the month, Jan 31st.
The bank statement balance is what you should have entered on the reconciliation. If, as you say, you cleared all the checks, deductions and deposits that cleared in January, and you have the 'to balance' as zero, there shouldn't be a problem.

Why do you believe its not correct? Does the bank say you have less in the checking account, or more??
Neil Zampella

Using PC+ since 1999.

KathyL
Posts: 5
Joined: Mon Jan 13, 2020 12:47 pm

Re: First Time Reconciling - NOT

Post by KathyL »

In the list of deposits to clear there is an amount of $22,000. that says "Enter Beginning Balance". This is not a deposit but something from the original set up of accounts. I don't know where it came from. After clearing deposits & checks my bank balance shown on the screen is overstated by this amount. I hope that makes it a little clearer. Without the $22,000 I match the bank & powerchurch.

KathyL
Posts: 5
Joined: Mon Jan 13, 2020 12:47 pm

Re: First Time Reconciling - NOT

Post by KathyL »

Sorry, I didn't answer the questions. Powerchurch says I have more than the bank statement.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: First Time Reconciling - NOT

Post by NeilZ »

KathyL wrote:In the list of deposits to clear there is an amount of $22,000. that says "Enter Beginning Balance". This is not a deposit but something from the original set up of accounts. I don't know where it came from. After clearing deposits & checks my bank balance shown on the screen is overstated by this amount. I hope that makes it a little clearer. Without the $22,000 I match the bank & powerchurch.
Something tells me this may have not been properly entered. Is there a transaction in the 'Posted Transactions" list for that entry?

When you run a Balance Sheet, what do you see there? Do your assets equal your liabilities & fund balances?
Neil Zampella

Using PC+ since 1999.

KathyL
Posts: 5
Joined: Mon Jan 13, 2020 12:47 pm

Re: First Time Reconciling - NOT

Post by KathyL »

Thanks Neil. I ran the posted transactions report and figured out my problem.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: First Time Reconciling - NOT

Post by NeilZ »

KathyL wrote:Thanks Neil. I ran the posted transactions report and figured out my problem.
What was it?
Neil Zampella

Using PC+ since 1999.

KathyL
Posts: 5
Joined: Mon Jan 13, 2020 12:47 pm

Re: First Time Reconciling - NOT

Post by KathyL »

I made an error in the original set-up of Power church fund balance entries. That's why everything balanced but I had the weird amount. Once I reversed those & posted it correctly everything was fine. Thanks again for your help...it gave me direction on where to start looking. It is a little overwhelming trying to fix something when there are so many reports and you don't know which one will help you find the problem.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: First Time Reconciling - NOT

Post by NeilZ »

KathyL wrote:I made an error in the original set-up of Power church fund balance entries. That's why everything balanced but I had the weird amount. Once I reversed those & posted it correctly everything was fine. Thanks again for your help...it gave me direction on where to start looking. It is a little overwhelming trying to fix something when there are so many reports and you don't know which one will help you find the problem.
Glad to have been able to point you in the right direction.

FWIW ... many times if you see things like this happen, its best to check the Posted Transactions 'file', if ofttimes what is causing the issue can be found there. I also learned this the hard way quite a few years ago :)
Neil Zampella

Using PC+ since 1999.

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