Year End Reconciliations

[Gayle]

Hello:

OK we made a mistake, we did not reconcil all of the accounts before closing the month. How can we reconcil for a closed month?

[Matt]

What reconciliations are you referring to? The bank reconciliation?

[Gayle]

Hi;

I need help with bank reconciliations for 2004. Some of the months are closed. How can I reconcile for the year end? Because I see that there were about six months of closed months where the bank accounts were not reconciled. Should I do a year end reconciliation in December?

[Matt]

You can perform the reconciliations for the months that are closed. The recon doesn't care whether the month is closed or not. However, if you have to post any adjustments because of differences between the bank statement and the PC+ records you will have to post these in an open month. In your case, sounds like you will have to post any adjustments in December.

I assume that the bank recon was in balance at some point. Say that point was June 2004. You will then want to complete the undone reconciliations in sequential order, i.e. do July 2004, then August 2004, etc.

[Gayle]

Thank you so much for all your assistance!