Bank Reconcilliation Problem G/L does not match bank reconcilliation

Question

My statement is in balance but it does not match G/L cash account. The amount that is off is a deposit that I made. Unfortunately, I had planned on making the deposit on Feb 29th, but was unable to make it to the bank in time. I had input the date as Feb 29th, but did not make the actual deposit until March 1st. I am assuming this is what is the problem but I am unsure how to fix it. I voided the receipt and re-entered it with the correct date of March 1st, hoping it would fix the problem, but it has not. Any idea on how to fix this?

Erzsi_I · Answer

Hi Jill Schendel , 
 Thanks for reaching out. Since you've already tried voiding the receipt and re-entering it with the correct date without success, you might want to consider a couple of different approaches:

Review the Bank Reconciliation Summary: Ensure that the general ledger balance appearing on your Bank Reconciliation Summary is correctly calculated. This balance is a calculated balance that adds debits and subtracts credits from the beginning balance of the month you're reconciling. If you're working with a reconciliation date that's significantly in the past, the beginning balance might not be used, which could cause discrepancies.

Check for Missing Transactions: Make sure that all transactions, especially deposits, are properly accounted for in the bank reconciliation. If transactions are missing , it could lead to a mismatch. Verify the statement and reconciliation dates are correct and consider rebuilding Cash Management if necessary to ensure all data is accurate.

Undo/Redo Bank Reconciliation: If the issue persists and you suspect that the initial reconciliation was incorrect, you might need to u ndo the bank reconciliation and start over. This involves clearing all items for the months in question and ensuring all transactions are correctly marked. It's important to note that going back to closed reconciliations is generally not recommended, but if necessary, ensure you're accurately clearing and re-entering transactions.

Consult Detailed Reports: Use the Account Detail Report and Bank Transaction Report to compare transactions line by line. This can help identify any discrepancies or missing entries that might have led to the issue.

If these steps don't resolve the issue, it might be worth reaching out to Sage Support or consulting with a Sage-certified consultant for a more detailed investigation into your specific situation. 
 Hope this helps point you in the right direction. If you have any more details or have tried these steps already without success, please let us know so we can offer further assistance. 
 Warm Regards, Erzsi

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Bank Reconcilliation Problem G/L does not match bank reconcilliation

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