DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

I can't balance my bank account


#1

All my bank entries are correctly entered, amount, date, and category. The beginning net movement and the ending net movement are exact opposites. Last month I had to enter an uncategorized adjustment because it did the same thing. That is not the amount of the error nor is it double the error. What is wrong? I can’t balance my accounts. This is making me crazy


#2

You will need to explain further.
Can you post some screenshots of what you are seeing.
Where do you see these beginning net movement and ending net movement.

Hoping you realise that the debits & credits you see in Manager are the exact opposite to the debits & credits you see on bank statements.


#3

The debits and credits are correct.


#4

No, they can’t be. You have payment transactions driving your account balance in both positive and negative directions.


#5

Ok, now I understand what you mean. This appears to be a credit card account, having received a Transfer (deposit) on 20/2/2017 for 439.23 which matches (clears) the 26/1/2017 opening balance.

If yes, then the balances being entered should be negatives > -439.23 & -417.86, then you would have a positive net movement of 21.37 in both locations.


#6

So are you saying I entered the beginning balance in the wrong column (debit should have been credit) ?

Or are you saying that I should enter these two transactions that did not happen just to clear the books?

Why would I need to do that and how will I know to do that in the future? I am confused why I have a problem in the first place and what the actual solution would be now and in the future to prevent this.

Thank you!


#7

What I am saying is this, if your account balance is a credit, then in the reconciliation you also need to enter that balance as a credit.

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#8

That worked! Thank you! I would never have guessed I needed to put the sign in there.