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jamcgrew@keystonevictoria.com

Statement end date

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I have two questions please ~ i understand that to do a reset on the bank reconciliation it tells me to back up as I will lose all my data.  It just does not tell me how much of the data is lost.  Is it from the initial setup for the account?  Is it only for the current year?  Can someone delineate?  I have 5 accounts that I reconcile.  I need clarification please.   

Question # 2.  I did a bank reconciliation for October.  Statement end date was set as October 31.  Starting with November reconciliation it is showing the statement start date as October 29 with outstanding transactions showing which previously cleared through the 31st.  Why? and how to correct this since October was posted?

Everything I've read indicates you can't change anything once it's posted and the reset is the only answer.  Am I looking at redoing reconciliations for the entire year if I choose to reset?  

Does the reset remove the information in my GL as well?

PS/ Back up has been done - and the Report printed off for the month of October only. 

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    jamcgrew: When you need to reset a bank reconciliation it only affects the one account in question. And yes, it removes all prior reconciliations for that account. Before resetting  you should be certain that you have a report from at least one month before and it should show the outstanding items at that time. This will provide the information required for the reset. As you have been doing reconciliations every month end all along you are not required to go back and redo the early part of the year. This is one reason it is wise to print the report with outstanding items as at the end of each reconciliation. 

    Based on your comment about the October reconciliation I would start the new reconciliations as at October 1st and include the prior entries as shown uncleared on the September Reconciliation report. This should help the set up and the numbers should work with no discrepancies. Then you can process the October reconciliation and move ahead once again.  

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  • 0

    jamcgrew: When you need to reset a bank reconciliation it only affects the one account in question. And yes, it removes all prior reconciliations for that account. Before resetting  you should be certain that you have a report from at least one month before and it should show the outstanding items at that time. This will provide the information required for the reset. As you have been doing reconciliations every month end all along you are not required to go back and redo the early part of the year. This is one reason it is wise to print the report with outstanding items as at the end of each reconciliation. 

    Based on your comment about the October reconciliation I would start the new reconciliations as at October 1st and include the prior entries as shown uncleared on the September Reconciliation report. This should help the set up and the numbers should work with no discrepancies. Then you can process the October reconciliation and move ahead once again.  

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