Miscellaneous Income

This account reconciliation is an Income account type and a List reconciliation type. This type of reconciliation allows you to make a list of the amounts that make up the account balance.

The Description shown above tells you what should be recorded in this account.

The Company Policy section tells you what kind of documentation you should retain as part of your month end reconciliation files.

Below is the reconciliation for this account for the month ended 12/31/2010.

The reconciliation has been Prepared, Approved and Reviewed as noted by the appropriate staff members. Below is the Reconciling Item for the 10/31/2010 entry for the paper rebate.

This item has an Open Date of 10/31/2010 and a Close Date of 1/1/2011. In all the other reconciliations so far we have always advised you to wait until the next accounting period to put in a Close Date so you can make sure the item actually cleared through the general ledger properly. Because this is an Income Statement account (as you recall this is an Income account that is part of the Income Statement, not the Balance Sheet) the way you use the Close Date is slightly different.

The amounts in this Income account accumulate throughout the year and then - as if by magic - an end of the year entry is made that wipes out the balance and starts over at zero for the new year. This also happens with all the Expense accounts.

When we put an item into an Income account reconciliation we already know that the corporate accounting department will make it go away on the first day of the new year. (Actually, it's on the last day of the old year, but we still want it to show up on the end of the year reconciliation. The only way to make it disappear in the new year is to give it a Close Date in the new year - such as 1/1/2011 as we have done here).

The month end report is shown here:

This particular account is reconciled with no Unidentified Difference.

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