Bank reconciling out

Support
1

Hi guys, my balances on the accounts have slowly overtime got out of sync with each other and really want to pull them back into sync before i change some bits around in terms of bank accounts.

Anyone got any advice on how to get this back on track. I think its been a fair few months but only just started to notice (too many interbank transactions caused this i think) and i lost track.

Any advice is greatly appreciated

2

Hello @animangapopuk

You may find the below article useful
https://support.quickfile.co.uk/t/reconciling-your-bank/8844

3

Thanks for this. Does it mean for my account to balance to the bank accounts though I would have to trace back through every transaction till I get to the point where they balanced? As this is “technically” our accountancy system, just a place to keep an eye on things and upload receipts to the book keeper to input into their system, is there a quicker way to put in a fresh opening balance?

4

Hello @animangapopuk

If the opening balance is correct I would not reccomend changing it as this would leave a value on your suspense account.

The balance is made up of the opening balance plus all transactions on the account.

The easiest way is to find a point where the account does balance and reconcile from there. I would tend to follow the process below looking for extra, missing or incorrect items.

  • Check the opening balance is correct
  • Check the balance is correct at the end of each year
  • Check the balance is correct 6 months later
  • Check the balance is correct each month
5

Thank you for the advice… I think working back monthly I should hope to find the point where it went wrong.

6

Luckily I’ve been able to pin-point the issues in the accounts on 7 bank accounts pretty quickly so thank you for the advice. Just one account to focus on bringing into line now.

7

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