Deposits in Transit

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I have four deposits in transit form December, dated December 31, 2015. We left them unchecked in December and our bank rec worked fine. They showed up as deposits in transit on our report. Now in January, when the deposits cleared the bank we check them off in GP. The bank rec is off now by the amount of the 4 deposits in transit from December. Are we supposed to leave them unchecked???

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Patrick Lauzière 467 on at

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Hi Emily,

If the 4 deposits are on your bank statement, you have to mark it in the "Select Bank Transactions" window. When you look at your "Reconciliation Edit List", is the "Statement Ending Balance" the same as on your Bank Statement?

if not, did you forgot to enter the "Bank Statement Ending Balance" when you've done the "Reconcile Bank Statements"?

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Hi Patrick,

I have the correct Bank Statement Ending Balance entered. When I'm in Select Bank Transactions if i do not select these 4 deposits the difference is 0. But they cleared so i much check them. When I check them the difference is the amount of the 4 deposits. The adjusted Book Balance looks very high to me. I'm wondering if the fact that I have not closed 2015 yet has anything to do with this?

Thanks,

Emily

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Patrick Lauzière 467 on at

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Hi Emily,

Maybe because of the year end, the Posting Date in the Bank Deposits or in the Cash Receipts are not the same as the document Date. In that case just try to live the date blank (no date) in the Cutoff Date field in the Reconcile Bank Statements window.

If it's not that... maybe...

Did you make any Adjustments for those deposits last month since it was done before January first in the "Select Bank Transactions" window last month? In that case, undo those adjustments.

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Patrick Lauzière 467 on at

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and also... from my understanding, the Financials Year-End Process won't do any change to the Chequebook.

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