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Post Info TOPIC: bank reconcilliation
beckyboo


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bank reconcilliation
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Hi Everyone,

I am still doing my bank rec and i just wanted to check something with you all.
Where i have deleted certain items through corrections on sage mistakes etc, now when i go to the bank rec screen there are a few entries that say cancel and they are in the debit side and the same on amount on the credit side. Should i just match them against each other even if some of them are dated a few months ago and not in the current month i am reconcilling?

I hope you can help.

many thanks
no


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MarkS


Expert

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Date:
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Hi Becky

I would match them as reconciled to get them off your reconciliation report. 

Wont have any affect on your bank reconciliation given the same amount is going in and out.

Regards

MarkS

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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
beckyboo


Veteran Member

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Posts: 39
Date:
Permalink Closed

Ok Mark thanks. I just wanted to check as didnt want it to make a difference to the reconcilliation.

Thanks again youve been a great help biggrin


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Donna CBK


Senior Member

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You should notice that the previous reconciled balance has changed - this is due to the deletion of entry previously reconciled. Personally I always advise people to err on caution for any items reconciled whether VAT or Bank as it does create a messy audit trail. It is neater to just reverse entry ie issue credit for same, receive money to correct a payment etc. etc. Just ensure you have the same VAT amount on the reverse entry.

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Donna Curling - Complete Book-Keeping Ltd (CBKLtd) - 07939 101900

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