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Dynamics 365 Community / Forums / Finance | Project Operations, Human Resources, ... / Checkbook balance not ...
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Checkbook balance not in sync with ledger balance - repost to new forum

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Posted on by dsky227 20

A few caveats - I'm new to Dynamics.  

I don't really get the checkbook vs ledger balance difference.  

I work for a non-profit that has been using Dynamics since 'bout 2015.  

They reconcile bank statements manually - not in Dynamics.  

Cleared checks have never been marked as cleared in Dynamics.

And some deposits are entered as GJEs - which don't impact the checkbook... only the ledger balance.  

So - the checkbook has never been reconciled to the bank account... but, the ledger is reconciled monthly.  

The checkbook and the ledger are not in sync.  

What should I do?  

What kind of correcting entry would I make that would impact the checkbook and not any ledger account

What should I do 'bout all those checks that have cleared but aren't marked as such?

Thanks.

MS Dynamics GP Version 18.4.1384 (2021)  Server MS Dynamics GP 2018

Categories:
Microsoft Dynamics GP
  • Joseph Markovich Profile Picture
    Joseph Markovich 3,900 on at
    RE: Checkbook balance not in sync with ledger balance - repost to new forum

    Hi David-

    As long as posting is turned off, anything you do to get the checkbook to the last reconciled balance is not going to affect the GL.

    Step 4d:

    The clear unused receipts is to just get rid of all the transactions that show you when you use the Bank Deposit screen (and the Undeposited Receipts report). The grid fills in with all of the undeposited cash receipts entered in Receivables.

    Step 6:

    You are going to have to make an adjustment in the Reconcile Bank Statement screen to get the balance true to the last reconciled balance. This adjustment would typically post to the GL, but as long as posting is turned off, then it won't affect it.

    I am sure you have a list of any unreconciled transactions the way you are reconciling the bank account now. Make sure those transactions AREN'T marked as reconciled when you are selecting everything from the past to reconcile. Everything else from the past is safe to mark reconciled.

    Hope this answers your questions.

    Thanks.

    Joe

  • dsky227 Profile Picture
    dsky227 20 on at
    RE: Checkbook balance not in sync with ledger balance - repost to new forum

    I understand best practice is one GL per Checkbook.  This is what I inherited.  

    Starting with the inactive checkbook.  I did a balance inquiry.  There is a balance.  A large balance.

    I ran the Undeposited Receipt report.  There are some.  

    What should I choose in Step 4d in these instructions:  https://learn.microsoft.com/en-us/troubleshoot/dynamics/gp/how-to-start-using-existing-checkbook-to-reconcile

    I assume clear unused receipts....but, I'm not sure.

    And briefly - why that choice?

    In Step 6 - I'm certain I would mark all.  

    Question - do any of these actions in steps 4 or 6 affect the GL account? 

      I hope not... because they/I have been reconciling the bank statement to the GL acct.  

    Thanks.

  • Joseph Markovich Profile Picture
    Joseph Markovich 3,900 on at
    RE: Checkbook balance not in sync with ledger balance - repost to new forum

    Hi David-

    As a best practice, there should be just one checkbook per GL account.

    At some point, did the transactions in the inactive checkbook just end and then start in the currently active checkbook?

    Does the inactive checkbook show a balance now? Go to Financial > Inquiry > Checkbook Balance and look at the Current Checkbook Balance field. If so, you're also going to have to get that to $0, too.

    After getting that done, that's when I'd focus on the active checkbook -- just because they are tied to the same GL account.

    Please let me know if I can be of more assistance!

    Thank you.

    Joe

  • dsky227 Profile Picture
    dsky227 20 on at
    RE: Checkbook balance not in sync with ledger balance - repost to new forum

    Thank you!  

    Follow up.  

    There are two checkbooks... one inactive, one active.  Neither have ever been reconciled.  

    Both are linked to the same GL account.  

    I'm thinking that I need to reconcile the inactive one to 'zero'... but, maybe I just ignore it.. and only start with the active checkbook and reconcile that to a good balance?  

    Would appreciate your two cents on this.

    David

  • Suggested answer
    Joseph Markovich Profile Picture
    Joseph Markovich 3,900 on at
    RE: Checkbook balance not in sync with ledger balance - repost to new forum

    Microsoft has a really good article on how to start using Bank Rec with an existing checkbook.

    learn.microsoft.com/.../how-to-start-using-existing-checkbook-to-reconcile

    Let me know if I can be of any help with this!

    Joe

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