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bank Reconcillation

Bank Reconciliation issue:

A company has several bank accounts to reconcile, among which are the salaries account and the current account. Salaries account is used for payment of employee salaries, while the current account is used for payments to vendors

1. Salary Account

Unable to reconcile for May 2010.

Bank statement indicates a debit of $4, 247, 071.61 while an amount of $ 4, 266, 087.97 was transferred into this account for salary payments

There is a voided check appearing in the bank recon screen (20.210.00). This check cannot be ticked to clear outstanding balances.

2. Current Account

For June 2010, the current account has a GL Out of balance by $198, 108.27. This amount is from a voided check for a particular vendor. It too cannot be cleared from the bank reconciliation screen (20.210.00)

Bank reconciliation cannot proceed to the next period if the period under recon is not completely reconciled.

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