bank rec differnce
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I have got a difference on the bank rec balance on sage, I think its to do with the opening baance on the bank account when it was opened ( that is not showing on the reconcile list but it does have unpresented chqs in there) anybody help???
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bank rec differnce
<BR>If I understand correctly you have an opening balance on the bank which includes CDNPs/CNCs etc.<BR><BR>The best way I have found to sort out the bank rec is:<BR><BR>1) Post the opening bank statement balance on the date of the last reconciliation (before Sage) (i.e. DR/CR Bank DR/CR Suspense account)<BR><BR>2) Post any CDNP's as bank payments to the suspense account<BR><BR>3) Post any CNC's as bank receipts to the suspense account<BR><BR>4) If done correctly this should mean the suspense account balance should be equal to the opening bank account posting (the balance being equal to the bank statement balance less CDNPs and plus CNCs). You will need to journal this balance from the bank account to the suspense account to clear this balance.<BR><BR>5) In reconciling you will need to reconcile the opening bank postings (excluding the CDNPs and CNCs) which should mean the balance on Sage is reconciled to your opening bank position. Then you can begin reconciling as usual and all of the CDNP's and CNCs from the opening position are individually listed so can be easily matched off.<BR><BR>Hope this helps<BR>Ben0