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With the cheque account reconciliation, it says “Should you find any discrepancies, investigate according to organisational policies and procedures. Discuss with your supervisor the further action that would need to be taken to correct the overpayment – the cheque was written out for $582 in error.”
As AccountRight is correctly showing $528 and the bank’s statement is incorrectly showing $582 and therefore an incorrect ending balance, should I modify the ‘new statement balance’ entered in AccountRight in order to reconcile the account correctly?
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Hi Jevita,
It is not recommended to change the Bank statement balance. What causes this type of errors in real life? Cheque was written incorrectly, Bank issued an incorrect amount etc.,
Until you discuss and resolve the matterwith the Bank/Business owner, keep the discrepancy in a suspense or similar account , record $582 in the data file and proceed with the reconciliation.
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