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Bank reconciliation

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What if your bank reconciliation does not work? Listed below are possible causes.

If the closing Bank Analysis Book balance is more than the adjusted Bank Statement balance:

  • You may have mistakenly ticked off an item in the Bank Received Analysis Book which has yet to clear the bank – and so has been omitted from the outstanding receipts list.
  • You have not ticked off an item in the Bank Paid Analysis Book – it appears in the outstanding cheques list even though it has been cashed.
  • Bank charges, a standing order etc. has not been entered in the Bank Paid Analysis Book.
  • In the Bank Received Analysis Book you have entered something more than once, or overstated its value.

If the adjusted Bank Statement balance is more than the closing Bank Analysis Book balance:

  • You have mistakenly ticked off an outstanding cheque and so it has been omitted from the outstanding cheques list.
  • You have failed to tick off an item in the Bank Received Analysis Book which has cleared and so falsely appears in the outstanding receipts list.
  • You have not entered in the Bank Received Analysis Book an item credited by the bank ie. interest.
  • In the Bank Paid Analysis Book you have entered something more than once, or overstated its value.

Other errors:

  • There is an arithmetical mistake in your bank reconciliation.
  • If the difference is exactly divisible by 9, you have probably transposed a figure eg. £631 instead of £136 or £49.23 instead of £42.93.
  • There is a mistake on the Bank Statement – banks make mistakes too!

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Last updated: Mon, Mar 31 2008 - 02:23:13 PM

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