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5Hello,
I was doing the month end bank reconciliation and the Adjusted Bank Balance was $0.01 greater than the Adjusted Book Balance, i.e. $100.09 vs $100.08. I didn't want to go through all the month's bank statements so I just did a Bank Transaction Entry Increase Adjustment (DR checking account $0.01, CR office expense account $0.01). When I went back to bank reconciliation, BOTH adjusted balances were $0.01 higher, i.e. $100.10 vs $100.09.
Went back and voided the IAJ.
Then decided to find the transaction & found it: a book transfer between our 2 bank accounts was miskeyed. This bank rec was for Account A and we have another checking account, Account B. The Book Transfer from Account A to Account B was entered $0.01 higher than it should have been. So I did a bank transaction entry to move the penny from Account B back to Account A (for Account A, selected IAJ with the offset as Account B). Went back to reconcile Account A and it was back to $100.09 vs $100.08 (assuming because I voided that first bank transaction), checked the IAJ for $0.01, and reconciled it.
I moved on to reconcile Account B and it was a penny off & the IAJ I just did wasn't in the transactions list. I entered the ending bank balance correctly & the IAJ bank transaction entry was within the cut off date.
My questions are:
1. Why was the Adjusted Bank Balance increased by the first bank transaction IAJ but not by the second IAJ?
2. Why didn't the Increase Adjustment Bank Transaction entry show up in my bank reconciliation for Account B?
(To resolve the Account B discrepancy I just wrote the difference off to the office expense account from the reconciliation window and proceeded with reconciliation. Wasn't really concerned since I found it and it was only a penny anyway; I am more interested in why these transactions behaved the way they did.)
Thank you very much!
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