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Level 3

How to reconcile $0.01 for Jobkeeper

I am trying to reconcile my Bank account but I can see this 1 cent difference coming from JobKeeper FN earning line in pay run.

 

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Best answer June 25, 2020

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Highlighted
Level 3

How to reconcile $0.01 for Jobkeeper

Warning

Adjusting entries should be made only as a last resort for small amounts. Making adjusting entries for substantial amounts may create serious issues in the future. We recommend that you ask your accountant before making any adjustments.


When you are reconciling the account, you may notice that the balance is off in payroll clearing account by few cents. You can simply follow the below steps for adjusting the entries:

 

How adjusting entries impact accounts

If the difference after reconciling is a negative number, create a cheque transaction, without a cheque number, which will reduce your bank account and your Opening Balance Equity account by that amount.

If the difference after reconciling is a positive number, you'll create a deposit transaction, increasing your bank account and your Opening Balance Equity account by that amount.

These adjustments affect only your Balance Sheet, not your Profit & Loss.

For more information about what to do if your reconciliation is wrong, see troubleshooting your reconciliation.

 

Enter an adjusting entry

  1. From the left menu, select Accounting, and choose Reconcile.
  2. Reconcile your account.
  3. Select Finish now from the drop-down menu.
  4. Confirm the Adjustment date.
  5. Select Add adjustment and finish.
  6. Select Done.

If you need to locate an adjustment at a later time, please see How to find previous reconciliation adjustments.

View solution in original post

1 Comment
Highlighted
Level 3

How to reconcile $0.01 for Jobkeeper

Warning

Adjusting entries should be made only as a last resort for small amounts. Making adjusting entries for substantial amounts may create serious issues in the future. We recommend that you ask your accountant before making any adjustments.


When you are reconciling the account, you may notice that the balance is off in payroll clearing account by few cents. You can simply follow the below steps for adjusting the entries:

 

How adjusting entries impact accounts

If the difference after reconciling is a negative number, create a cheque transaction, without a cheque number, which will reduce your bank account and your Opening Balance Equity account by that amount.

If the difference after reconciling is a positive number, you'll create a deposit transaction, increasing your bank account and your Opening Balance Equity account by that amount.

These adjustments affect only your Balance Sheet, not your Profit & Loss.

For more information about what to do if your reconciliation is wrong, see troubleshooting your reconciliation.

 

Enter an adjusting entry

  1. From the left menu, select Accounting, and choose Reconcile.
  2. Reconcile your account.
  3. Select Finish now from the drop-down menu.
  4. Confirm the Adjustment date.
  5. Select Add adjustment and finish.
  6. Select Done.

If you need to locate an adjustment at a later time, please see How to find previous reconciliation adjustments.

View solution in original post