Reconciliations
Nickynoo
Registered Posts: 34 Epic contributor ๐
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
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
0
Comments
-
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?0 -
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 lol0 -
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 :-)0 -
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
AaronAAT
Level 2 - 2010
Level 3 - 2011
Level 4 - 2013
ACCA
F4 - 2015
F5 - 20150 -
Nicky Aaron,
You guys sorted your problems?0 -
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 - 20150 -
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:0 -
HAHA Brilliant congratulations!
Good Christmas news Enjoy the holidays0 -
Congratulations Nicky
Have u finished level 3 now?AAT
Level 2 - 2010
Level 3 - 2011
Level 4 - 2013
ACCA
F4 - 2015
F5 - 20150
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership