I reconciled April visa card entries and saved the bank rec then I opened it again at the end of May in order to do May bank rec and had a difference in the opening balance. I unreconciled the april entries again and realized that the difference is now in the opening balance for April which means an ending balance for March. Is there any quick way how to find out what caused that difference and how to fix it?
It sounds as though someone has either deleted an entry or added something after you had reconciled. First idea would be to work out the difference between the two figures and check back through the bank statements to see if you can find that particular figure.
Are you using Sage? If so you could look at the Financials list and see if there are any obvious deleted entries (usually appear in red I think).
Failing that I'm afraid I'm of the old school and print off nominal activity reports for the bank and tick off every entry against the bank statement, and then do the bank rec on Sage (or whatever software you're using).
What caused it: I know in Quickbooks you can easily generate a "Discrepancy Report" ( Reports > Banking > Reconciliation Discrepancy) which will show the value of the difference between the opening balance you expect and what you see. This can give you a clue as to why your opening balance has changed. The difference is usually the result of someone deleting a previously reconciled transaction as had happened in my case - the boss had deleted a payment of £1000, discrepancy report showed £1000 and my beginning/opening bank balance was out by 1000. Note: same result if 10 x 100 transactions had been deleted.
How to fix it: To sort this out there is no need to undo all of the previous bank recs. You can do a "mini reconciliation" where you re-add in the deleted, previously reconciled transaction(s). To do this re-enter the transaction, next, open the bank reconciliation window. Date it as the last completed recon date. Then, enter the last ending balance from the last bank statement. Reconcile the transaction in question and your beginning balance should be corrected.
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-- Edited by nilna on Monday 30th of July 2012 07:24:26 AM
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I think I would have to agree with Pauline; check to see if there is one transaction that matches the amount you are off by. Then I would suggest looking for a transposition error before going through hard copies.
