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My student's Reconciliation Report doesn't match the answer key. How do I locate and fix the error?
The reconciliation report will contain all banking activity for the month of November. Be sure to review the Statement Beginning Balance, Statement Ending Balance, and Uncleared Checks & EFT Payments as of 11/30. Those three numbers will provide an understanding of where the student possibly went wrong.
Statement Beginning Balance is off
- If the Statement Beginning Balance is off, this means the previous reconciliation periods were not reconciled properly and were closed with an inaccurate balance. Navigate to Settings > Administrative > Closed Reconciliations and review the account balance for September and October. Determine which closing balances don't match the ending balances on the bank statements. Then review How to reopen a closed reconciliation period to reopen the closed rec periods and determine which transactions are posted incorrectly or missing.
Statement Ending Balance is off
- If the Statement Ending Balance is off, this means there is a discrepancy in the month of November and either there is a missing transaction, an extra transaction, or a transaction with the incorrect amount. Navigate to Settings > Administrative > Closed Reconciliations, reopen the November rec period and have the student work through each transaction again.
Note: During the reconciliation process, it is best to have the student pay attention to the Cleared Balance in Crunched and match with the Balance on the bank statement. If at any point those two numbers no longer match, then that is the point where either a transaction is missing or posted incorrectly. Review How to edit and delete checkbook transactions.
Uncleared Checks & EFT Payments as of 11/30
- If the Uncleared Checks & EFT Payments as of 11/30 are off, this means either there is a transaction missing or an extra one posted. Navigate to Banking > Checkbook and review the checkbook transactions. Check 1014 should be the only outstanding transaction at the end of the reconciliation process. If there are extra transactions, they can be deleted by using the trash can icon. If check 1014 is posted incorrectly, it can be edited by using the pencil icon. Review How to edit and delete checkbook transactions.
After the discrepancy has been found and the transactions have been updated, redo the reconciliation process for all three months to determine that the checkbook balance is accurate.