posting bank reconciliations

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Posted on by Atahualpa

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Greetings Community:

We went/are going live as of Oct 1 (beginning of our fiscal year), but won't have our beginning balances until our accountant closes out the previous year (probably another week). In the meantime we are posting income and expenses as they arise.

Perhaps this is a silly question but here it goes: can I post a bank reconciliation before I have those initial balances? I have income and expenses from the bank account ledger matched with the bank statement, but should I wait to post the reconciliation until we get those balances plugged in?

Thanks in advance for your help!

Wes Baker

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Wes,

You will need to establish the Bank Account Balance before doing a Bank Reconciliation and you will need to journal and post the Outstanding Checks and Deposits for the Bank so you can do the Bank Reconciliation and clearing. In the Bank Rec process you will need both the GL Balance and Bank Balance to reconcile so you will have to wait.

Thanks,

Steve

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