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Aug 21, 2022 12:53 AM UTC
Question

Unreconciled transactions

Hello, I recently took over the books for a client and found a couple old transactions from 03/2020 that flowed in from the bank but were never reconciled. The transactions are "cleared" but do not appear on the bank statement for 2/2020, 3/2020, or 4/2020.

I am confused. How did the transaction flow in from the bank but not appear on any statement? How do I fix this? The account has since been closed so I need to clear it but I don't know what to do about those two.

1 reply

Sep 13, 2022 3:45 PM UTC

If they don't appear in the current reconciliation, I would ignore. Often, our accountant will go "back in time" and enter correction entries which will then appear as 0.00 entries in our reconciliation. If they are messing with balances in present time, then it will take a deeper dive.