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Resolving bank reconciliation differences in EasyACCT

by Intuit EasyACCT 2023 Updated 7 months ago

This article explains what to do when there's a proof of cash ending difference or the reconciliation summary is out of balance. A reconciling difference causes the problem.

How to resolve reconciling differences

  1. Go to Bank Reconciliation, Bank Accounts.
  2. Select the Bank ID and Continue.
  3. Select Reconciliation Summary and switch to the Proof of Cash tab. 
  4. Compare the top row of the Proof of Cash titled BALANCE PER BANK to the current period account statement. If they don't match:
    • To correct the BEGINNING amount, make the change directly on the Bank Accounts screen.
    • To correct the ENDING amount, make the change directly on the Reconcile Bank Account screen in the Ending Balance Per Bank field.
    • To correct amounts in the RECEIPTS and DISBURSEMENTS columns, make changes to cleared BANK TRANSACTIONS on the Reconcile Bank Accounts screen. 
  5. Verify whether the amount in the BEGINNING BALANCE column in the Proof of Cash summary agrees with last month's bank reconciliation report.
    • To make changes, correct the amounts on the BANK INFORMATION screen. 
  6. If all the above is correct, determine whether the difference is coming from the DEPOSITS IN TRANSIT or OUTSTANDING CHECKS. Pay close attention to items that may have cleared the bank for an amount different than what appears on the books. 
    • On the Proof of Cash report, the Outstanding Checks should display in parentheses to indicate they're subtracted from the total.
      • If they aren't in parenthesis, go to the Bank Account screen's Reconciliation tab and edit the outstanding checks figure to make sure it is a negative number.
    • Likewise, Deposits in Transit should display as a positive number.
      • If they show as negative, correct the figure in the Bank Account screen's Reconciliation tab.
  7. Verify whether there are transactions in the PREV O/S BANK TRANS tab of the Reconciliation screen. Delete all transactions present on this tab. 
  8. Go to Print Reports and select the All Transactions report, with cleared and uncleared transactions.
    1. Look for differences between cleared and uncleared amounts.
    2. Make corrections to the Current Book Transactions and Bank Transactions tab appropriately.

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