It can happen that there are items on the bank statement, which do not appear in the GeeDee Bank Reconciliation. The reasons for this are varied but include items such as:
Dishonour and various bank fees/charges
The bank should not charge your Trust Account with these items. Contact the bank and tell them to reverse the charges and debit them from the companies business account at the bank.
Cheques from a previous period
Where the cheque has been dishonoured but the funds have been paid out and the original receipt cannot be reversed.
A Correction Journal can temporarily overcome the problem of a statement that will not balance because there is an item on the statement that does not match the database. When you select correction journal it will create a debit and a credit in statement reconciliation.
Do not create a correction journal because a cheque or deposit does not match the amount on the bank statement.
Correction Journals created a debit and a credit in your bank reconciliation.
|•||From the statement reconciliation form, click the Correction button.|
|•||Enter the amount and the reason for the journal.|
|•||Enter the password.|
|•||Press the OK button.|
Two additional items will appear in the reconciliation screen, one a credit and one a debit. Click and flag the appropriate item.
After this has been completed, either a credit or a debit item will be outstanding on the reconciliation. This is the other half of the correction journal that has been created. On a future statement, an entry must appear which can be reconciled against the outstanding item.
If it was an incorrectly debited bank charge, then in due course the bank will correct their error and post a credit to your account. This will correspond to the outstanding credit item.
If it was a dishonoured cheque and a replacement cheque is later re-deposited Reverse Receipt, then the replacement cheque will appear on a future statement.
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