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We were reconciling the Oct. 2021 bank accounts. W...
# general
l
We were reconciling the Oct. 2021 bank accounts. We noticed that the Total As of 10/31/2021 in the Reconciliation Summary Report does NOT tally with the bank account balance in the Balance Sheet report as of the same date. The Difference line in the Reconciliation Report is 0 but there are unreconciled transactions. Also, the unreconciled transactions are not equal to the variance of Balance Sheet Report and the Total as of 10/31/2021 in the Reconciliation Report. What could possibly be the other reasons for such a variance?
k
Period date mismatch
How did the September ending look?
l
Per checking, there is no period date mismatch. There's a difference every month since we started NS for this subsidiary.
The difference is consistent every month.
k
was your first upload to NS matched your reconciliation? Did you enter every check separately vs one lump sum JE?
and are you absolutely positive that reconciliation was correct? That’s what I find most of time, companies/people do not reconcile cash correctly and bring those errors in NS
if it is consistent after NS implementation this is likely the cause
l
I believe our first bank reconciliation was correct. What do you mean by if we enter the check separately or one lump sum JE?
k
this is how you bring your outstanding checks into NS - either each amount as a separate check or a lump sum journal. If your reconciliations drug the same amount forward every month find the first period where that amount happened and correct it. If it is the first period for your customer in NS it means your outstanding checks are off.
j
Just throwing something out there: if a reconciled transaction has been edited in such a way to change the bank account, weird things can happen (the reconciliation record sticks with the old account). Don't ask me about the breakdown of processes that led to me finding this out...
k
Oh you don't even have to change the account if it's journal. Don't ask me why I know that
l
@Karina the variance started to appear in May 2021. The Difference and Unreconciled lines are 0 in the Reconciliation Summary. This is really weird. If a reconciled transaction is edited, does that affect it?
@Jon Kears luckily, we are sure that didn't happen to us. But it's good to know though. Thanks.
@KevinJ of Kansas our outstanding checks are part of a single journal entry. We edited it though to remove some lines.
Ohhh I forgot to mention that we went live for this subsidiary in the middle of the month. As such, there is a floating difference in the initial bank recon equal to the net cash activity from the first day of the month to the cutoff date. But this isn't the variance. The variance that I'm talking about started after this initial bank recon and was carried forward even until 10/31.
k
Editing your je would be part of my expectation on what's wrong. Also. Split the JE up into a separate transaction for each open check. You need 1 line for 1 account per transaction otherwise the tool gets all goofy if they clear in separate months
k
@Luis - I would go back to May 2021 and re-enter the data from the outstanding checks journal as individual checks; this eliminates one possibility of math error. The other “option” is to run system notes search on all transactions for cash accounts edited after reconciliation was completed, see what’s pop up.
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