Bank rec

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I'm so completely and utterly stuck on this bank rec.

I've been doing bank recs since my first day and this is the first time I haven't been able to get one to work :-(

I have:
O/P Bal: 58,968.86
Bankings: 314,082.70
Payments: (239,842.37)
Unrecorded: (88,088.15)
C/s bal: 45,121.04

Bal per bank stat: 47,082.99
o/s payments: (842.61), (132.00), (211.03), (205.53), (123.92), (370.47)
Balance:45,197.43

difference of 76.39

ARGH

I've ticked back the bank statements to the cashbook twice, ive highlighted everything off, ive checked the o/s payments twice. What else am I supposed to check?! All of the outstanding payments from last year have gone through the bank so its not that. I'm completely stuck!

HELP?!

Gem
p.s sorry about the poor layout - in a rush

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank rec

    Things I check:

    all bank statement pages are there
    opening balance matches last times o/b

    if all else fails i leave it and come back to it, when looking with fresh eyes it usually becomes obvious what the problem is.

    Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank rec

    The whole job needs to be done today so I can't take a break from it :( I feel like crying!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank rec

    You seem to be checking all the right things.

    Only other suggestion I can come up with is to double the difference and see if that rings any bells. This would highlight if something has been entered as a payment instead of a receipt.

    Good luck :lol:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank rec

    Is there anyone you can give it to to look at, and maybe do something for them? This usually works, as they see it straight away, cos they are fresh eyes
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank rec

    Panic over!

    I had a good look at the outstanding payments from last year and found all of them were incorrect, so I did journals to correct them but then I was still £2.00 out. I just wrote this off to sales!

    Thanks to everyone who replied!!

    Gem
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank rec

    Other things to look at are to divided the difference by 9... this will tell you that you might of transposed a figure.

    Or a quick why to tick up the bank again is to just do the bankings first, generally the bankings have the least transaction so doing this will narrow down which side the difference is on.

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank rec

    Hi,
    What if the opening balances do not agree? I just sat my Unit 3 actual skills test and I could not get it to agree no matter what I did. Any suggestions?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank rec

    If the opening balances do not agree then that is where your difference will be. You would need to see why the difference in opening balances has occurred and adjust accordingly.

    Regards

    Dean

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