• Home
  • Resources
  • Services
  • Testimonial
  • Blog
EDWIN CANALES BOOKKEEPING SERVICES
  • Home
  • Resources
  • Services
  • Testimonial
  • Blog

Bookkeeping & Accounting
​Blog

Reconciliation  Discrepancy

5/29/2018

0 Comments

 
Picture
Reconciliation Discrepancy is a transaction that has been deleted or altered after the account for the month, quarter, or year has been reconcile (closed).

Usually the discrepancy occurs when the withdraws and deposits in the accounting system match the bank account withdraws and deposits and the balance of difference is still off.

This should be an indication that there is a discrepancy in the account. If your accounting system is able to generate a reconciliation discrepancy report it will be easy to find the exact amount off for the transaction.

If your accounting system doesn’t have the option to generate a reconciliation discrepancy report. You will have to manually look at each transaction in the general ledger to find the discrepancy that is missing from the bank statement.
​
Once you find the discrepancy you will have to undo the reconciliation from the previous period and redo the reconciliation process to able to move forward and close the month, quarter, or year in the future.

Having no reconciliation discrepancy will make it easier to track on transaction, so that reports are accurate, easier to reconcile during the period you are closing, and have no duplicate transactions. 
0 Comments



Leave a Reply.

    Blog Info:

    Blogs are about learning basic accounting, accounting formula, tips and advice, and investment concepts and terms.


    Categories

    All
    Accounting Formulas
    Accounting Tips And Advice
    Business 101
    Finance And Investment
    Learning Accounting Concepts

    Archives

    July 2020
    May 2020
    April 2020
    March 2020
    July 2019
    June 2019
    May 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    December 2017
    November 2017
    October 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017

    RSS Feed

Photos used under Creative Commons from wuestenigel, Joe The Goat Farmer, David Reber's Hammer Photography, CreditDebitPro, wuestenigel, mytradingskills, scootergenius02, Toolstotal, michel Kalff, Joe The Goat Farmer, CreditDebitPro, davidstewartgets, Nguyen Vu Hung (vuhung), bhanakam, wuestenigel, investmentzen
  • Home
  • Resources
  • Services
  • Testimonial
  • Blog