When balancing a bank statement, how important is it to be in the proper working month?
I ask because we have a bank statement that always ends about the 7th or 8th of the month and not at the end. Should I be using the working month where most of the transactions are taking place or when the statement actually closes? How will this effect my year end?
We've tried asking the bank to change our closing date, but they won't.
Thanks, Beth
Working Month and Reconciling Bank Balances
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Working Month and Reconciling Bank Balances
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Matt
- Authorized Teaching Consultant
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It does not matter what working month you are in when performing the bank reconciliation. The recon pulls in all the transactions that have posted to that account in PC+, no matter what month they have posted to. It would be nice if your bank statement cut off at month end for matching purposes but it's not essential.