Checking acct. reconciliation
Posted: Tue Jan 10, 2023 5:49 pm
Even though my checking account balances. When I go to reports on the program the checking account does not match the bank statement. How can this be?
You're looking at two different data points.
1. The bank statement usually includes data up to and including the end of the month. It does not include, as it has no idea about, outstanding checks that have not cleared the bank, and any deposits made after the end of the month.
2. The Powerchurch balance shows everything. Checks that have been written but not cleared the bank yet and deposits that were made in the current month.
At reconciliation the system knows enough to taken into account those checks and deposists that have not yet cleared the bank. When you get that To Balance number of 0.00 at reconciliation, it show that you and the bank agree as of the end of the month. That's all that matters.
If that To Balance is anything but zero, then you have a problem. A deposit not entered, not cleared, or cleared incorrectly in the reconciliation process; or a check missing, not cleared, or incorrectly cleared; or an incorrect bank balance or date entered at the start.