Bank-Savings

This account reconciliation is an Asset account type and a Checking Account reconciliation type. As you can see below, this reconciliation type provides special input areas for Outstanding Checks, Deposits in Transit, Bank Fees, NSF Checks and Other Items. You could do the same things with a List reconciliation type, but it would not be as user friendly.

The detailed information is input by clicking on the Reconciling Item Group and then selecting Edit Details. (You can also just double click on the Reconciling Item Group to open it).

The reconciliation has been Prepared, Approved and Reviewed as noted by the appropriate staff members. There is also a supporting document attached - the Savings Bank Statement. Here are the details of the Other Reconciling Item that is highlighted above.

This item has an Open Date of 12/31/2010, and the Close Date is blank. When the reconciliation is opened to perform the 1/31/2011 reconciliation, this item will appear. If the item has been recorded in the General Ledger during January, you will be able to enter a Close Date with a January 2011 date, and the item will disappear from the 1/31/2011 reconciliation.

Below is the final report that prints for this account when you click on the Print Report button.

As you can see from the description about the reconciling item, you have the ability to enter whatever information you want for each reconciling item. We suggest you not be afraid to put in lots of information about unusual reconciling items. It will help you refresh your memory when explaining to the auditors, or your boss, what exactly caused the problem.

In this instance, you should make sure the correcting journal entry is prepared and recorded in January.

This particular account is reconciled with no Unidentified Difference.

Return to TOP