Bank Reconcilation

WCSW · ‎January 07, 2021

I made a deposit on 11/27/2020 of $545, the bank recorded it as that amount. But come to find out I had forgot to actually but one of the checks ($275) in the deposit. The bank realized the error and deducted the check ($275) but on 12/1/2020. So I reconciled Nov correctly with the $545 total which is what the bank had. but now I need to get the deduction on $275 on 12/1/2020 to be able reconcile Dec. It would be easy except the actual $275 check didn't get deposit until Jan. So I need to some how get the $275 out in dec. I figure I could just do a journal entry, to credit my bank account the $275 but I don't know what account I would debit. Please help.

Pete_Mc · ‎January 15, 2021

More than just the Deposit, you need to match the Payments to the two Deposits, not the one you have in Nov.

You could do Journal entries to show the money coming out and then back in correctly.

But you can also enter Withdrawal as the correction for the missing $275 and Credit it back to the correct Vendor/Acct. This will then let you match the Bank's Withdrawal when you Reconcile Dec. I'd actually date it 11/31 because that would really show the corrected balance for that month in your books.

Then show the Payment with that Credit and Deposit back into the Bank on whatever day you made the second deposit. Again, it should all match the Bank when you Reconcile.

WCSW · ‎January 17, 2021

I need details of how you are saying to do it. Yes the $275 check was a payment for 2 invoices, which I entered as a received payment on 11/27/20, which is when it was supposed to have been deposited. So how do I get the customers account to now show those payments as received in Jan 2021 when the actual check payment was deposited not Nov 2020?

Thanks,

Robin

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