Trust Accounting Q&A: Three-Way Reconciliation Not Matching Reconciliation Report

July 2018    Tags: , ,

I reprinted our last reconciliation report for our bookkeeper, and noticed that it doesn’t match the Three-Way Reconciliation Report. Why is this, and how can I fix it?

There are a couple of reasons these reports might not match if you are running the Three-Way Reconciliation Report after the reconciliation has been finalized. The Reconciliation Report is stored as a PDF when the reconciliation is finalized, therefore any changes to TAS do not update the Adjusted Bank Balance on the report. This can happen in two scenarios.

The first scenario occurs when a check is voided after the reconciliation has been finalized. This would remove it from the Three-Way Reconciliation; however, the check was outstanding on the saved Reconciliation Report.

The second scenario occurs when deposits or checks were entered after the reconciliation has been finalized. These items would be included on the Three-Way Reconciliation, also making the balance different than the balance shown on the Reconciliation Report.

These reports will equalize the next time you perform a reconciliation, so it may be acceptable to leave it as is and make a note on the report. However, if you want the reports to match, the Reconciliation can be undone (Checks | Undo Reconciliation) and then finalized again so it has the up-to-date information.

Note: It is recommended that the Three-Way Reconciliation Report is printed when finalizing the reconciliation to ensure that these reports match.

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