The ability to do reconciliation reporting for your Operating, Trust and Credit accounts is one of the key advantages of using the Accounting portion of your CosmoLex software. However, there may be times when you review all of your payments and deposits in a given time period and still have a difference between your records and your bank. Here are a few trouble-shooting tips in such a circumstance.
- Make sure your Bank Ending Balance is correct.
A fundamental portion of doing reconciliation reporting is entering your account's ending balance on the day you wish to check transactions through. If upon reviewing, you've entered an incorrect figure, you can adjust directly from the Reconciliation Details screen by selecting the Change button.
- Positive Difference could mean an unreported Deposit.
If you come to find that there is a positive difference in the difference between your records and those of your bank, it likely means that they have records of a deposit that you do not. Basically, they contend that you have more money than your personal records show. Review your bank's records for a deposit that is not represented in your CosmoLex software.
- Negative Difference could mean an unreported Payment.
Conversely, if you have a negative figure as the difference between your records and those of your bank, it likely means that they have records of a payment that you do not. According to your bank, you have less money in your account than you believe. An unaccounted-for payment in your records could be the reason for this discrepancy. Check your bank's records to see if such a payment exists.