How to reconcile a trust account which is not balancing

Out of balance?
If you have finished your daily banking but you do not reconcile, check the bottom of the screen. How much are you out by? Do you have too much money in Palace or not enough?

For example:

If your Current Balance (Palace) Says $78,600.00
And your Closing Balance (the bank) says $78.800.00
The 'system out of balance' will say $200.00

This means that the bank has more than Palace

-OR- 

If the Current Balance (Palace) says $78,800
And your Closing Balance (The bank) says $78,600.00

Then Palace has more money than the bank.

Getting started:
Check that your 'running total' matches up to your bank statements running total.
eg. The closing balance in your bank for 1/03/18 should match up with the running total in your recon screen for the same date.

This will help you figure out which date you last balanced and give you a starting point of where you need to begin your investigation.

Once you have noted down your date, start looking at the 'presented items' for that particular date. All the items that you have presented on this date will show, which you will need to check off against your bank statement one by one.

If you prefer to look at a paper report, click on reports and click on Bank Recon Presented, choose the date you want and click on preview or print.

If you find any transactions that do not belong in this batch, you will need to un-present them either one by one or in bulk if more than one.
This will put them back on the un-presented list.

When finished click close.

Check your balance again and if needed, continue the same steps on the following dates until all your running totals match up to each closing balance on your bank statement.

If you are still not balancing. Double check the un-presented items against your bank statement to make sure you have presented all items that need to be presented.

 

If still not balancing, ask yourself the following questions:

  • Have you made any corrections in the last 24 hours?
  • Reversed any transactions?

If the answer is yes to any of the above questions, go back and make sure you have presented both sides of the correction (the negative and the positive).

Keeping in mind that a receipt with a payment type of "direct" will have automatically presented itself and you may still have the payment side to present.

If still at a loss: Get your folder of bank statements and going from the 1st reconciliation to the current one, check all the closing balances on the bank statements to the ones on screen. You may find one doesn’t balance now, this could mean you have done a correction and forgot to change the date.

 

Instructions - If you find something Presented that should not be:

 

Find the transaction that has been presented in error, Select it by Ticking the box to the left of the transaction, then click on the option to un-present at the top of the screen to un-present.

This will now pop up to the Unpresented area.

NOTE: If you find that you have not entered a transaction, then just close out of reconciliation and enter the transaction. Go back to reconciliation and present the item.

 

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