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Post Info TOPIC: Bank Rec Help pls.......


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Bank Rec Help pls.......
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Hi there all, I wounder if u guys can help.

 

Last month, one of the Directors took £528 for personal use and when I saw the transaction I questioned it and I said I will do my bank rec in few days so I need that money back in to the account, and he agreed as he said he doesn't want his partner to know about it, so on the day of my bank rec I said I am doing a bank rec so I need to show the money, he said he is going to the bank NOW, so can u do a journal to show the money in and out of the bank instead of putting it through a nominal...So I did!!! So am on the next bank rec and he has not put the money, and I questioned it and he said, well can u put the amount on the borrowing under my name coz I don't have the money..

The problem is that, I have done a journal in and out of the bank, which the out payment has been reconciled last month and the receipt now is false showing on the transaction OUTSTANDING on the bank. 

How can I reverse the journal and show that money under the borrowing N/C and get rid of that amount which is sitting on the bank window????

 

I hope I have explained the way that u guys understand my prob..

Any help is muchhhhhh appreciated..

 

Thanks in advance, Sara Hughes



-- Edited by Sara on Tuesday 18th of September 2012 11:55:15 AM

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If I'm reading that correctly, when you reconciled your bank, in order to show the director drawing the money and repaying it (on the basis that he said he would), you posted a journal where both the credit (the withdrawl) and the debit (the repayment) were to the bank account. The payment obviously happened, so that is reconciled - but the receipt didn't, so is unreconciled, and you now want this showing in the director's loan account?

Depending on what software you are using (you are clearly using something, since you mention the "bank window"), then the easiest solution will probably be to post another payment, with the same date and details as the journal - which should be the date of the original withdrawl, going from the bank account to the DLA.

On your reconciliation, you can then mark that new payment and the journal debit both as reconciled - they should be the same amount, but one showing as money coming in (the journal) and one as money going out (the payment), so they are being reconciled against one another, rather than something on the bank statement.

Once that's done, the next thing you should do is get hold of a wet kipper, and then slap the director with it several times.

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Vince M Hudd - Soft Rock Software

(I only came here looking for fellow apiarists...)



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VinceH wrote:
Once that's done, the next thing you should do is get hold of a wet kipper, and then slap the director with it several times.

 I'm sure that I've seen that service advertised in telephone boxes in London. lol



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



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Hi VinceH, thank u for taking ur time to reply..

hahah u made me laugh by the way!! I did do that don't u worry, well wish I done it literally

And yes u got it right, that is exactly what happen!! The journal was from he bank to the bank, as I was told the payment will be made eminently and he didnt want the other director to find out!!!

Am using Sage line 50, so what I went and done, first of all I took all the dates of postings and the bank rec dates and un ticked the reconciliation date so by doing that, the payment showed on the bank window now so does the receipt, so I can reconcile those two against each other as no N/C is involved..

And as u said I posted another transaction to the Borrowing coz he is suppose to pay it, and if he doesn't then is up to the directors how they want that transaction move it where!!!

Again thank u for ur time..

All the best Sara

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