Sage 50 Canada

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bank statement reverse entry

Posted By Denise Wright over 9 years ago

Hello Everyone :

I have reversed a cheque, that should have been a void cheque. I reversed entry, in the bank reconciliation, the entry showing the reverse and the correction is shown. Which should bring it too zero. Now when i go to reconcile the the bank, it shows , unresolved amount , for the same amount as the reverse entry. First entry was for Shareholders loan debit and bank credit. When I check the shareholders loan account the amount does not show . Is there another entry, I need too do to clear the bank?

Thank You

Denise

0 RandyW over 9 years ago

Was the cheque marked as cleared on a prior reconciliation, and an adjustment made? Or did it actually clear?

If you start out a reconciliation with nothing cleared, and set the ending balance to the same as the beginning balance, the 'unresolved' should be zero.

'Unresolved' is nothing more than the unexplained difference between the beginning and ending bank balance, so if there is no difference, there is nothing to explain, and 'unresolved' should be zero.

If the reconciliation isn't at zero when you do this test, then it is like an out-of-balance ledger, and can't be reconciled, any more than an out-of-balance General Ledger can be balanced by adding amounts to both sides.
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Sage 50 Canada

bank statement reverse entry

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