Quicken & Other Budget/Accounting Software/Bank Recon

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Question
Hi,

I have differences of ($80k) on my bank recon. I have checked all the below :

I did not mistakenly cleared transactions that weren’t on the statement.
I have marked all the transactions shown on the statement.
No missing transactions in the system that appeared on the statement.
Bank charges and interest transactions included in the bank statement has been entered.

So what should i do with the different amount? -$80k (Negative value)

Answer
Unfortunately,  I have to tell you to go back to the drawing board.
The account MUST reconcile.  But first, take a break from it for a day
or two.  It helps to look at it with fresh eyes.

Things you can do

1. Verify that the beginning balance per bank in your software is
Equal to the bank statement .   If something gets edited, changed or
deleted from a prior bank reconciliation, it can affect beginning balances

2. Add up all the deposits that you checked off.  Does it agree to the
 total deposits on the paper bank statement?

3. Add up all the checks/disbursements/bank charges you checked off.
Does it agree to the total disbursements on the paper bank statement?

4. Confirm you entered the ending balance per bank correctly. Sometimes
 I transpose a number and that will throw things off.
 For example I enter  463  instead of 643


Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
http://www.qbalance.com  

Quicken & Other Budget/Accounting Software

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Linda Saltz, CPA, QBalance.com

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QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com

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Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
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