Adjust an Out-of-Balance Condition

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Expand/Collapse item  Overview

If the adjusted bank balance amount on the Bank Reconciliation Report does not agree with the calculated book balance amount (the out-of-balance amount does not equal zero), use this procedure to correct inaccurate or missing records.

Expand/Collapse item  Before You Begin

Obtain the Bank Recap Report from the previous month. The beginning balance amount on the current Bank Recap Report must match the ending balance amount from the previous month. If the balances do not match, you must correct the beginning balance. For more information, see Correct the Beginning Balance.

To adjust an out-of-balance condition

 

  1. Select Bank Reconciliation Main menu > Bank Reconciliation Report.

  2. Click Print. Check for inaccurate or missing records on the report.

  3. Select Bank Reconciliation Reports menu > Bank Recap Report.

  4. Click Print. Check for inaccurate or missing records on the report. Verify that the beginning balance amount on the current report matches the ending balance amount from the previous month.

  5. Select Bank Reconciliation Main menu > Reconcile Bank.

  6. Verify that the Cleared check boxes are selected only for the checks, deposits, and adjustments that have cleared. For more information, see Reconcile Bank – Fields.

  7. Select Bank Reconciliation Main menu > Check, Deposit and Adjustment Entry.

  8. Enter an adjustment and post the adjustment to the general ledger for each manual check that was recorded incorrectly in the Accounts Payable or Payroll module. For more information, see Check, Deposit and Adjustment Entry – Fields.

Note You can also use Manual Check and Payment Entry or Payroll Data Entry to make a correction by reversing the original check entry and reentering the check with the correct amount. The adjusted check amount is posted correctly to the Bank Reconciliation and General Ledger modules when the Manual Check and Payment Register update is performed or the Payroll Check Register update is performed.

Note Entries made using Check, Deposit and Adjustment Entry can be posted to the general ledger if the Select For G/L Posting check box is selected, and the Bank Reconciliation Transaction Register is updated.

  1. Click Accept.

The out-of-balance condition is adjusted.