Reconciliations

NickynooNickynoo Feels At HomePosts: 34Registered
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

Comments

  • CudeyCudey Well-Known Posts: 138Registered
    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?
  • NickynooNickynoo Feels At Home Posts: 34Registered
    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
  • CudeyCudey Well-Known Posts: 138Registered
    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 :-)
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    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
    AAT

    Level 2 - 2010
    Level 3 - 2011
    Level 4 - 2013

    ACCA

    F4 - 2015
    F5 - 2015
  • ExcelAntExcelAnt Feels At Home Posts: 80Registered
    Nicky Aaron,

    You guys sorted your problems?
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    I'm fine for now mate thanks :)

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

    Level 2 - 2010
    Level 3 - 2011
    Level 4 - 2013

    ACCA

    F4 - 2015
    F5 - 2015
  • NickynooNickynoo Feels At Home Posts: 34Registered
    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:
  • ExcelAntExcelAnt Feels At Home Posts: 80Registered
    HAHA Brilliant congratulations!

    Good Christmas news :) Enjoy the holidays
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    Congratulations Nicky :)

    Have u finished level 3 now?
    AAT

    Level 2 - 2010
    Level 3 - 2011
    Level 4 - 2013

    ACCA

    F4 - 2015
    F5 - 2015
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