DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Reconciling bank statement with different dates


#1

Is there any way to adjust the reconciliation system to take account of the fact that people I deal with don’t always post a transaction on the day it is completed?

I have hundreds of transactions every time I try to reconcile my transaction account where the transaction took place on a particular day and is shown as such on the receipt or invoice, and I enter it as such in the system, but the transaction doesn’t hit the bank account until the day after, or in some cases for up to a week later.

The reconciliation system is stepping through every single transaction and forcing me to manually adjust every date to match what the bank statement says, rather than what the receipt / invoice says. There are so many transactions that need adjusting in this way that I usually just give up part way through and leave the account unreconciled. The closing balance for the quarter is correct, but it’s just so frustrating that the system is so focussed on every single date matching when they just don’t!

Thanks in anticipation,

Pcal


#2

Enter transactions in the Uncleared columns. The transaction itself can carry (and will preserve) the date you set upon entry. When you convert to cleared, you enter the clearing date. Works same way for deposits and payments. Read the Guides about this. The current system was created a few months ago to address exactly what you mention. And be sure your software version is up to date.


#3

@Tut, thanks for that.

It is fantastic that Manager has such an active update cycle (Micro$oft eat your heart out!), but the other side of that coin of course is that it isn’t a set and forget proposition. It seems like I only updated a short while ago, but the feature you mention isn’t in my system so I guess I need to update again. :smile:

If I understand correctly, doesn’t that still mean each transaction is being double handled? Once when entered, and again when the bank statement is available? I was hoping there would be a “one touch” solution… Like just telling the reconciliation system to not bother drilling down into the transaction dates if the period ending balance is OK for example.


#5

Yes. You should not import the bank statement if you are entering transactions as they happen. You can still do bank reconciliation without import. And you can turn the reconciliation assistant on or off.

As for updates, this program is being improved at a very rapid pace, usually several updates per week. Use the Changelog link on the home page to determine when features you might use have been added.