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JayC
Level 3
posted
‎March 04, 2022 01:56 PM
last updated ‎March 04, 2022 5:56 AM

Bank reconciliation has never been done - can I start afresh without going back to the first date?

There are bank transactions going back to 2018 and the bank rec has never been done.  I have tried to do it but it is not matching.  I know the 'books' are correct as the accountant has done year end up to April 2021.  I don't want to mess around really with previous years.  I want to start afresh and do the bank rec from April 2021 onwards but obviously the balance at that date does not match.  Can I enter an opening balance for 01/04/2021 as per the bank statement and continue from there?  If so, what journal would I put in for this?  Will I be then left with transactions in the bank rec always waiting to be matched?

 

I know this in an ideal world it would be done but if anyone can help with a solution it would be appreciated.

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Best answer March 04, 2022
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Mark of Somerset
Level 3
‎March 04, 2022 02:25 PM

Bank reconciliation has never been done - can I start afresh without going back to the first date?

Hi.  I would ask your accountant for a copy of their bank reconciliation at 31st March 2021.  That could show up outstanding transactions at 31/03/21 (entries posted in March that didn't clear until April) and help with your first reconciliation at that date.

 

If they don't have one (!) then the only solution would be to post a correcting Journal as you suggest, on 1st April, but again, I would ask your accountant where to post the opposite side.  You can then do one reconciliation up to that date to tick everything as cleared.

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Mark of Somerset
Level 3
‎March 04, 2022 02:25 PM

Bank reconciliation has never been done - can I start afresh without going back to the first date?

Hi.  I would ask your accountant for a copy of their bank reconciliation at 31st March 2021.  That could show up outstanding transactions at 31/03/21 (entries posted in March that didn't clear until April) and help with your first reconciliation at that date.

 

If they don't have one (!) then the only solution would be to post a correcting Journal as you suggest, on 1st April, but again, I would ask your accountant where to post the opposite side.  You can then do one reconciliation up to that date to tick everything as cleared.

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