Reconciliations

Nickynoo

Please some one help me with this,

I tried to complete my first reconciliation and messed up :crying:

I have only been in my first accounting job six weeks and studying my level 3 feel like quiting :huh:

How can I correct mistakes that I have made?

Is it possible to catch up on reconciliations month by month? is there anyway to delete my reconciliation?

on my knees begging for some advice :crying:

Thanks anyone who can help

Cudey

Hey Nicky,

Firstly don't quit. It'll be worth it in the end I promise! I'm currently on my level 3 too.

Which reconciliation were you doing? And what Account package were you using?

Nickynoo

Hey

Trying to do the bank reconciliations at work using sage, no guidence just throw in the deep end, made a couple of errors but in the bank rec not sure how to put them right.

I have my costings exam on the 17th :ohmy:

Stressed si not the word lol

Cudey

Nickynoo wrote: »

Hey

Trying to do the bank reconciliations at work using sage, no guidence just throw in the deep end, made a couple of errors but in the bank rec not sure how to put them right.

I have my costings exam on the 17th :ohmy:

Stressed si not the word lol

Ah thrown into the deep end, been there a few times myself. Do you know what version of Sage you're using? Some have a "maintenance" option where you undo certain things - though be warned this is frowned upon in a lot of organisations.

Have you identified the errors you've made?

If you made a mistake with say a customer receipt, you weren't suppose to reconcile:

You know the receipt would be a Credit on SLCA. So if you post a Debit onto the SLCA account. And then repost the original Credit onto the SLCA - Effectively 2 transactions of Dr. Bank Cr. SLCA and Dr SLCA and Cr. Bank. Simplied..

1. Dr SLCA
Cr Bank

2. Dr Bank
Cr SLCA

In the bank Rec, you reconcile the Debit you made on the SLCA (Transaction 1. - Effectively cancelling the item you miss reconciled) this will then leave the 2nd transaction as outstanding. This will bring the year to date figure back to normal.

Effectively you're reversing the mistake you made, and reposting it?

Hope that makes some sense?

Ps. Good luck for 17th :-)

aaron0121

Hi Nicky,

I'm also in a similar position having started my first accounts job roughly 6 weeks ago as well and i was also put
into the deep end of bank reconciliations http://forums.aat.org.uk/showthread.php?35849-Bank-Reconciliation-help!

So you're not alone! We all have to start somewhere, so don't worry about making mistakes after you've done a
few times it all starts to make sense.

When I've made a mistake, I go into maintenance and thankfully I can correct from there.

Hope you find the answers you're looking for

Aaron

ExcelAnt

Nicky Aaron,

You guys sorted your problems?

aaron0121

I'm fine for now mate thanks

@ Nicky If you have any more problems please don't hesitate to ask.

Nickynoo

Hey

Yeah I think I am all ok now, and am over the moon I PASSED my Cost and Revenue exam too this week :001_smile:

ExcelAnt

HAHA Brilliant congratulations!

Good Christmas news Enjoy the holidays

aaron0121

Congratulations Nicky

Have u finished level 3 now?