bank reconciliation

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
please can anyone offer some advice on completing the bank reconciliation where the opening balances do not match - and the correct order to do things in started this last night and its a case of concorde (went straight over my head)<BR>thanks

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    bank reconciliation

    Hi<BR><BR>If the opening balances do not match from your accounts to the bank statement, then you will need to look at payments in and payments out of the company, and try to work backwards to work out any difference, so I would go back to a point where I knew I balanced and then go through the cheque books and paying in books and cross-reference everything against the bank statement, it may be that you have had direct debits go out that you were not aware of, or paments in through Bacs that you haven't recorded yet.<BR><BR>This is the way that I work anyhow, hope you can use this advice.<BR><BR>Tracy

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