Client has done her own bookkeeping on VT+ but has asked me to do the paypal account for ye 31/3/16 as she messed it up slightly.
Got as far as September and have a couple of paypal deposits from main bank that has already been reconciled, but the deposits weren't showing on the paypal bank, and going into October and November I've found some more.
The deposits were for payments made from paypal but the client has shown the payments from main bank. I need to de-reconcile the bank statement for those periods, correct the errors and redo the reconciliation.
If I do that will it muck up the future reconciliations, or is my best bet to unreconcile everything from September, and get client to redo afterwards?
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Hi John
As you know - Im a complete and total novice when it comes to VT, but I did do a successful 'de-reconcile' last weekend when I had a trauma on VT. Then I re-did a pile of stuff and re-completed the rec. It didnt mess up for reconciling later. I would totally encourage you to follow the usual backup mantra. When you de-rec, it will effectively un-do that whole reconciliation, so if you did a rec with 5 items on it, it will undo for all 5, but if you did for 5 Bank statement sheets, it will undo all 5 sheets.
I would of course give Shaun a shout, although from what he has been saying on here it seems he is under the kosh with work. Lets face it if he hadnt been he wouldve been on this one like a ferret up a drainpipe.
Maybe Hannah (Taxadvisor) can help as she uses VT too.
Sounds like you need a lorra lorra luck with this one - isnt it always the paypal ones!!! I hope she now leaves you to do all the bookkeeping - so much easier before the mess ups! Although perhaps not as much fun.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Fortunately she has only reconciled a week at a time, so each de-reconcile should be fairly simple, I just didn't want to throw the future ones out. I will have a play with a copy file tomorrow and see how it goes.
So what did you think of reconciliation in VT? I absolutely love it and although my sage knowledge only goes up to version 11, its far far easier than Sage.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
sorry not to have answered this yesterday as I was inundated so only really kept my eye's on the site for any miscreants plying their SEO wares rather than answering any serious questions.
when you dereconcile all the subsequent entries will be recalculated.
You fix the reconcilliation in issue and then rereconcile it (make sure that you put it back with the same statement number that you derecionciled).
Again every subsequent reconcilliation balance will be recalcualted.
It doesn't screw anything up as surely the now properely reconciled balances will relate to the bank statements where previously they will not have so if anything the rereconcilliation should bring things back in line.
Hope that helps matey,
all the best,
Shaun.
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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.
That's great Shaun thanks. I'm picking it back up again on Monday so I will keep an eye on the last reconciled balance and if it changes after the corrections I know I've gone wrong somewhere.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
No probs John, glad to help and appologies for the delay.
Looks as though there's now a slowly growing contingent of VT users on here.
All Bill (Wella's) fault as to the best of my knowledge he was the first and introduced me to it.
Prior to VT I disliked Sage (especially the licensing and also not understanding why the hell I needed to close a year off) but grudgingly knew that I had to use it. Then VT came along and spoilt sage completely for me. No more closing years, no more nominal codes, no more client tax.
If you're reading this Bill thanks matey.
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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.
My first client was a taxi driver who employed his son to drive. I was using some taxi accounts based on excel which wasn't bad but then he got a second car and the business grew, and I'd also decided to go into bookkeeping for a living. Looked at Sage as I'd used it before at a job I was at but I couldn't justify the expense on a multi client basis.
I then found VT after doing a search for suitable software and absolutely loved it. It works the way I do if that makes sense and I can't see me using other software now unless absolutely necessary.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
