Tag Archives: Bank Reconciliation

Undo Bank Reconciliation

Software: MoneyWorks accounting software

Bank reconciliation is a periodic process to match the bank statement against the information you have recorded in the accounting system. Besides being a fraud control tool, it picks up error such as omitted entry, an incorrect amount recorded, duplicated information has recorded, has recorded transaction into a wrong financial period, etc.

Assuming you invoiced Customer A and Customer B with the same amount $321. Then, you accidentally knock off the payment received from Customer B against the Customer A’s outstanding invoice. You can use the cancel transaction function to reverse the entry and enter a receipt from Customer B to correct it.

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Alternatively, you can also use the ‘undo’ bank reconcile method if there are many mistakes made in the reconciliation. From the Bank Reconcile wizard, click the ‘load old’ button and select the previous bank reconciliation. Then, click the gear icon at the bottom of the wizard and select the ‘clear all reconciliation from this one…’ option. Assuming you have reconciled from January to June, and discover a mistake in March. You have to undo the bank reconciliation one month at a time from June to March.

MoneyWorks is a small business accounting system which can install locally or hosted it in a Cloud. Contact us to find out more about using MoneyWorks for your business.

 

Undo Bank Reconciliation in MoneyWorks accounting systems

A bank reconciliation is a process of reconciling the Cash Book account (GL) with the Bank Statement. It is a process of picking the discrepancy between the two, such as omission error, typo error, duplicated transactions, etc..

Bank Reconcile

Occasionally you may make a mistake when reconciling and require to revert the processed reconciliation. To do it, you have to click the ‘Load Old’ button from the Reconciliation window of the MoneyWorks accounting system and select the month of reconciled data to clear. Assuming you have reconciled five months from Jan to May, it will undo the reconcile from March to May if you selected March from the reconciled list. Once the reconciled detail loaded, click the gear icon and select ‘Clear all reconciliations from this month’ option. Proceed to reconciliation again once wrongly reconciled data has cleared.

 

 

QuickBooks Previous Bank Reconciliation report

Software: QuickBooks Desktop Software

You can print the Bank Reconciliation report, both summary and detail, immediately after you have done the reconciliation.

The Bank Reconciliation report consists of Beginning Balance, Cleared Balance (actual bank balance), Register Balance (ledger balance), and transaction list of both cleared (presented) and uncleared transactions (available in the detail report).

QuickBooks Previous Reconciliation

QuickBooks Premier and above version does keep a copy of the previous reconciliation reports at the Report menu (you can find the Previous Reconciliation report under the Banking sub-menu), whereas the QuickBooks Pro version only has the last reconciliation report. Besides, you have an option to print the previous reconciliation report to include ‘Transactions cleared at the time of reconciliation (PDF)’ or Transactions cleared plus any changes made to those transactions since the reconciliation’; these reports come handy when you have forgotten to print after reconcile or there is a discrepancy.

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