Unreconciled Cheques From Previous Financial Year

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in General accounting discussion
Hi all - I am having a mental block as to how I reconcile uncleared cheques which were drawn and therefore accounted for in the previous financial year - in the new year.

I need to have an entry to reconcile but obviously don't want to duplicate the payment which has already been accounted for.

This must be straightforward - I have changed from one software package to another which is why this problem has been accentuated !

Many thanks

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Unreconciled Cheques From Previous Financial Year

    Did you start with the actual bank balance, or the reconciled balance?

    If the balance was reconciled, you can ignore the unpresented cheques, and everything should balance....

    If it was the actual balance, there will be an imbalance on your balance sheet, and with luck it will be the unpresented cheques.

    Good luck though!

    Claudia
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Unreconciled Cheques From Previous Financial Year

    Thanks Claudia - I feel a bit silly now !

    In the drama of hitting the ground running I overlooked the opening balance that I was using.

    It sounds bad I know but I'm spinning plates at the mo !

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Unreconciled Cheques From Previous Financial Year

    No probs - it is all too easy not to see the wood for the trees!

    Claudia

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