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Bank Account Not Reconciling: How to Find the Discrepancy

When reconciling, if the close month button is greyed out, the Bank Close Entered and the Bank Close Calculated are not exactly the same; this will also show a Difference being shown in the reconciliation view. 

This discrepancy is caused by the total sum of the transactions amounts recorded in the Agrimaster cashbook not matching the bank statements transactions. If the Bank Statement Closing amount is entered correctly, then somewhere in the cashbook is an incorrect transaction/s that is causing the bank account not to reconcile.

This issue may present itself with the following symptoms occurring:

  • Unable to close the month due to a difference between the bank close entered and the bank close calculated.
  • The opening balance of the previous month does not match the opening balance for the next month.
  • My opening balance has changed, and now I am unable to reconcile 

In this help article, we help you to find which transaction is causing the issue.

First, you will need to identify if this is the only month this issue occurred to ensure this isn't an issue that goes back further than you expect. After that, you need to find the first month where the closing balance is incorrect and then locate the transaction causing the Difference. Once you know which transaction/s is causing the issue, Agrimaster Customer Support can advise the best way to resolve this issue.

How to find the discrepancy:

1. Check the Bank Statement closing that has been entered is correct

Double-check the amount entered as the bank statement closing amount is the same as what is seen on the bank statement.

2. Identify if this is the only month this issue occurred

To do this, you will need to confirm that the entered closing balance for previous months is the same as your bank statements.

If you find that the last month is incorrect, keep going back until you identify the previous month the closing/opening balances were correct.

3. Investigate to locate the first month, where the closing balance is incorrect

To locate the first month where the issue has occurred, you will need to utilise the View Balance Report by following these steps: 

  1. From Home > Cashbook > View Balances. 
  2. At the Balances screen: 
    1. Report Type: Select View Balances. 
    2. Select Bank Account: Highlight the bank account that is out of balance. 
    3. Select Months: Highlight the previous month (or a range of month). Select a few months more than you think the issue is residing (just in case).
    4. Click the green tick. 
  3. At the Balances Report screen, check the Bank Statement Cash Flows and Balances (all reconciled transactions) section to confirm the Statement Opening figure matches the bank statement. 
  4. Suppose the Statement Opening figure DOES NOT match the bank statement. In that case, you will need to check the previous month and re-check the Statement Opening and Statement Closing figures to the bank statement until you have found the month where the reconciliation error occurred.  
  5. If this Statement Opening figure matches but the Statement Closing figure does not match the bank statement, you have found the month where a reconciliation error has occurred. 

4. Identify the transaction that is causing the difference

Once you have found the month where the error has occurred, you can utilise the Reconciliation Balances Report to compare this report (being a list of all reconciled transactions) to the bank statement.
  1. Go to Home> Cashbook> View Balances.
  2. The Balances screen will display. In the Report Type section:
    • Choose the Reconciliation Balances option.
    • Highlight the Bank Account that is out of balance.
    • Highlight the Month where the error occurred.
    • Click on the green tick to display the Reconciliation Balance Report shown below.
  3. Print off your bank statement from your bank's website.
  4. With your Reconciliation Balances Report and your bank statement side by side, tick off the transactions on the bank statement that exactly match the transactions listed on the Reconciliation Balance Report transactions.
  5. Once you have gone through all the bank statements transactions and ticket them off on Reconciliation Balance Report, the missing or incorrect transactions should not be crossed off on the Reconciliation Balances Report. These are the transaction/s that is causing the discrepancy.

If you are still unable to find the discrepancy, have a read of this article Unable to Reconcile: Scenarios It suggests some possible causes and further actions to help find the discrepancy.

 

Once the transaction/s is identified, please search our Help Centre with what the issue is to find a resolution.

If you are still unsure how to fix this, please contact Agrimaster Customer Support and provide us with as much detail as possible about the transaction causing the issue and what is incorrect. Then we can provide instructions on how to resolve the issue.      

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