Common reconciliation errors
The following table lists some common reconciliation errors and suggests ways to fix them.
|
Type of Error |
Correction |
|---|---|
|
Incorrect posting |
If you posted a transaction with an incorrect amount, the transaction amount between the reconciliation report and bank statement differs. |
|
Incorrect bank posting |
Cheques occasionally clear the bank for a different amount. Look at the magnetic coding at the base of the cheque to determine the amount paid by the bank. Compare this amount to the amount appearing on the bank statement and to the actual amount for which the cheque was written. |
|
Incorrect dates |
If a transaction appears on the bank statement but does not appear in the 1-5 Bank Reconciliation window, you might have posted the transaction with incorrect dates. To locate the transaction, use 1-3 Journal Transactions and search for the missing transaction. |
|
Missing entries |
When charges or credits appear on the bank statement but do not appear in your records, post the charges and reopen 1-5 Bank Reconciliation. |
|
Returned items |
If the bank returns a cheque due to insufficient funds, reverse the cheque and post the charge for insufficient funds. |
|
Forged items |
While rare, it is possible that someone has altered a cheque amount. Another possibility is that someone has stolen cheque forms and forged cheques. It is important to identify forgery and alert the bank, thereby eliminating additional problems and preserving your ability to recover lost funds. |