A couple of years ago, I went in after reconciling a statement, deleted a deposit, and then recreated the transaction correctly assigning the categories. Ever since then, I have had to balalnce to an incorrect number, allow Quicken to make the adjustment (it's teh exact same amount every month) and then I go back and delete the adjustment. Can anyone help me figure out how to fix this?
reconcilation error
Jan 24, 2011
2 Replies
Why do you delete the adjustment each time?
You need to reconcile to the current, correct balance. If an adjustment is needed then either accept the adjustment and move forward or find the missing or incorrect transaction and fix it.
?Hi, Sandi.
As Laura said, "reconcile to the current, correct balance."
A bank reconciliation is like a snapshot or a portrait, not a movie. It doesn't try to explain how we got to where we are. It just shows where we were at one point in time, and explains any differences between what we show and what the bank shows at that point. Where we were a month (or a year) ago may be interesting, but it is not a part of the current reconciliation - unless an old check or other transaction is STILL outstanding. We only identify transactions that have been recorded by one party, but not yet recorded - or recorded differently - by the other party.
After you recreated the entry for that deposit, and reconciled it to the then-current bank statement, did you make sure to show an "R" in the Reconciled column of your check Register? Is the "exact same amount every month" of the adjustment the same as the deleted/recreated deposit?
RC
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required