The bank reconciliation is out by my opening bank balance amount.

Symptoms

The bank reconciliation has a consistent discrepency from the MoneyWorks ledger balance that is the same as the opening bank balance you journalled into the bank when you set up your accounts. The opening transaction will be in your list of unpresented items.

Cause

You have not reconciled your opening bank transaction.

Solution

Do a ‘dummy’ bank reconciliation to reconcile this amount. Make your statement number 1, the opening balance 0, and the closing balance the amount of the unpresented journalled balance. Tick off the opening journal entry, and finalize the bank rec. The item will be marked as reconciled and not appear on future bank recs.

Remember to reset the opening balance for subsequent reconciliations.

For more information about MoneyWorks Support in Canada, in the USA, or in the UK contact www.moneyworkssupport.wordpress.com

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