We are having a problem balancing the bank balance to the book balance in the bank reconciliation module. Recently we started a new procedure where all banking activity goes through cash receipting or payables. When we have a wire transfer or EFT or anything like that we are doing an increase or decrease adjustment where we used to do journal entries for those. We had a couple of items in the beginning of the year that a journal entry was done and in order to get the bank balance to match the GL we had to do the reconcile adjustment entry. In the past this entry didn't hit the GL but they are now which is throwing off our GL balance.
My question is, now that I have this problem how do I get rid of it?
If I do another entry of the reverse of what I did before then the bank balance is going to be off and how am I supposed to correct that?
Also, last month we had some NSF's that crossed years, how do we get those to reconcile?
Thank you for any and all help!!
*This post is locked for comments
I have the same question (0)
