How to reconcile a trust account which is not balancing

You have finished your reconciliation 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.

The best place to start looking is to check all the 'presented' items that you have presented today. Sometimes the only way to do this is to print the Presented Items Report and tick them off your Bank Statement one by one.

In the Bank Reconciliation Screen, down in the Presented Items area, right click the date line of the very latest date. (This should be the one that you have just done) Select Batch Details.

All the items that you have presented today will show, check these off against your bank statement.

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 transaction that does not belong there, you can tick the selected Transaction and then click on the blue arrow up the top of the screen to unpresent selected transactions. This will put it back into the unpresented list.

When finished click close.

Check your balance again. If you are still not balancing. Double check the unpresented items against your bank statement to make sure you have presented all items that show.

 

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. (This is a common

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:

In the Presented part of the Bank Reconciliation Screen, highlight the date you want (i.e yesterdays date as that will be the bank reconciliation that you are doing)

Right click on click on Details

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 Blue Arrow at the top of the screen to unpresent.

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 into reconciliation and present the item.

 

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