Bank Reconcilliation

[Yvonne Huckle]

I am about to do a bank reconcilliation and have come across an entry where there are several cheques that have been entered on a bank paying in book and added up incorrectly, but this amount has been accepted into the bank and onto the bank statement. Now when I come to reconcile the bank account in Sage there is a discrepancy so I am not able to reconcile this with the bank statement . The cheques that were paid in were for the correct amounts. I cannot change any of the amounts as this would then show an underpayment on one of the accounts. How do I go about correcting this.

[mwakeham]

You need to take it up with your bank and query it with them, they should be able to go back through and correct their records to update your statement. You can then reconcile from the update.

[brucedenney]

the alternative is to just make an adjustment posting to account for the error and write it off.

It may be cheaper to write it off than the cost of the time dealing with the bank.

You need to decide the economics of both strategies