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Bank Reconciliation on G/L Account

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Posted on by MW-10101355-0
Is it possible to do bank reconciliation on G/L Account rather doing on a bank account. We missed to create the bank account and team posted directly into G/L account. is there any way to do reconciliation on G/L account?
Categories:
Financial Management
  • Suggested answer
    Nyakinyua Profile Picture
    Nyakinyua 23 on at
    Bank Reconciliation on G/L Account
    Since you won’t be able to use the standard bank reconciliation functionality on the G/L account, I would suggest you post a reversal entry to the G/L account where the transactions were initially posted then create a new entry that posts the same amounts to the Bank Account.
  • INITMAN007 Profile Picture
    INITMAN007 75 on at
    Bank Reconciliation on G/L Account
    Hi,
     
    Yi Long is correct in his answer.
     
    Depending on how many transactions there are you could do the following:
     
    1 Match the transaction in the G/L account until they both match i.e balance per G/L would equal balance per bank statements.
     
    2 Once everything matches, create a bank account and carry on from there as normal.
  • Suggested answer
    Yi Yong Profile Picture
    Yi Yong 812 Super User 2024 Season 2 on at
    Bank Reconciliation on G/L Account
    Hello,
     
    Bank Reconcilation can only be done on entries posted into Bank Account Ledger Entries.
    Entries posted into the G/L Account directly are not taken into account for.
     
    It is important to set the Direct Posting to False for the Bank's G/L Account in order to avoid this.
     
     
    Your best bet now is to pass manual journal of all the entries into the subledger.

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