Hello. I could use some help please. Our accountant asked me to produce bank rec for end of year 31.3.16 because bank balance has changed. How do I do that ??? As I have reconcile bank since then and why would balance change?
Thank you!
Hi Sabina
Your Accountant should really be assisting you with this, as this is actually a forum for bookkeeping and Accounting professionals. That said - a few quick suggestions-
The reconciled balance could have changed due to a number of reasons - eg you have deleted or amended an item that was previously reconciled. These are certainly the most common. Never delete or amend a VAT/Bank reconciled item without getting advise from your Accountant as to the impact it will have on your data.
First of all run a 'check data' routine to make sure there are no errors in your data.
How easy would it be to run a restore from the back up taken for the year end? Probably the best way to sort this if you dont have loads of data since March.
Also - check what happened in subsequent reconciliations/nominal activity to look out for anything odd (as per the above) or with obviously wrong dates.
Failing that you may have to reverse the reconciliations done since the year end, re-run the rec, check with the Accountant if it now agrees and then you can re-run your recs since.
We always ask newbies to post a little intro about themselves - helps to get to know you and also how to pitch the answers. Doesnt need to be a lot of info - bookkeeper or Accountant, training, what professional body you are with, where based, how long in role, work for Accountancy practice or have your own bookkeeping business, that sort of thing.
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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
