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How to reconcile a bank ledger entries that are open more than a year?

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Posted on by Jaunt

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Hi Everyone,

Good evening.

What is the best way to clear out old G/L entries still showing as bank reconciliation open items.

Most of them have a debit and credit that canceled each other out. Let me know what is the cleanest way to do you. I have already did the December 2023 Bank Rec so let me know if it’s best that delete it and start over.

Please share us your thoughts.

Thanks,

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Financial Management

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YUN ZHU 68,533 Super User 2024 Season 2 on at

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How to reconcile a bank ledger entries that are open more than a year?

Hi, how about Reverse it directly from Bank Account Ledger Entries?

Hopefully other experts can give you better advice.

Thanks.

ZHU
Jaunt 154 on at

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How to reconcile a bank ledger entries that are open more than a year?

Hi Valentin,

Can I have an update for my previous comment? Please.

Thanks & Regards,

Jaunt
Jaunt 154 on at

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How to reconcile a bank ledger entries that are open more than a year?

Hi Valentin,

Thank you for your prompt response.

The aforementioned process is really helpful. However, I wanted to confirm 2 things with you.

When I create a new reconciliation to match those entries, then the Balance Last Statement and Statement Ending Balance should be 'Zero'?

Also please confirm that it will not affect the balance of posted reconciliations.

Thanks.
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Valentin Castravet 21,726 Super User 2024 Season 2 on at

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How to reconcile a bank ledger entries that are open more than a year?

You can add those reversed entries to a bank rec. to clear them out. This can either be done in your new back rec., or you can reopen and do it in December's bank rec. This is how it would work:

1. In a bank rec. select Suggest Lines

2. Select your dates and ensure the Exclude Reversed Entries is not checked

3. This will populate the left pane, the Bank Statement Lines with transactions from your bank account ledger entries, and will include the reversed entries.

The reversed entries in the Bank Statement Lines will also be reconciled automatically with the reversed entries in the Bank Account Ledger Entries pane (the 2 green lines in my screenshot). And when you run Suggest Lines, you can delete all the transactions you don't need that were populated. Here is my example, where i brought 2 entries that make up a reversed transaction:

Valentin Castravet

Zander ERP Services