Results 1 to 2 of 2

Thread: Computer Bank balance does not agree with cashbook balance

  1. #1
    New Member
    Join Date
    May 2018
    Location
    Cape Town
    Posts
    1
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Computer Bank balance does not agree with cashbook balance

    Hi,

    Please kindly assist.

    I am in a process of doing my monthly bank reconciliation for petty cash and current bank account and I am stuck. The reconciled bank balance and the computer bank balance are the same, they reflect the actual bank balance , however , my cashbook balance is totally different from these three balances.

    Tried to reverse some of the entries and its either , my cashbook balance will match with the actual bank statement balance and the computer balance will be different or vise versa.

    What can I do to rectify this?.

    Thank you in advance.

  2. #2
    Junior Member
    Join Date
    Dec 2017
    Location
    Cape Town
    Posts
    10
    Thanks
    0
    Thanked 1 Time in 1 Post
    Hello Xoli

    I am not accountant or bookkeeper. But why would you reverse you entries, the purpose of the Bank Reconciliation is to identify differences between your records (Cash Book) and the bank records (bank statement balances) and ensure that the differences are due to valid reasons, i.e mainly timing differences for example: sometimes I pay with my bank card at a shop, I receive an SMS saying the transaction went through, however the transaction will only reflect on my actual bank account a few days later.

    Typical differences could be bank charges, interest (normally only on your Bank Statements) but not on your records (cash book) etc.

    So my advice is to go to your accountant/bookkeeper. This part of their normal monthly duties. In bigger organisation they have clerks whose main job is to reconcile cash books to bank statements on a daily basis.

Similar Threads

  1. [Question] PASTEL-CASHBOOK BALANCE AND BANK STATEMENT BALANCE INCORRECT
    By Marley29 in forum Accounting Forum
    Replies: 13
    Last Post: 22-Jan-21, 09:16 AM
  2. [Question] Cashbook does not balance
    By SantieMin87 in forum Accounting Forum
    Replies: 1
    Last Post: 23-Feb-18, 08:44 AM
  3. Pastel Xpress V14 - Negative balance on Cashbook
    By Sheena in forum Accounting Forum
    Replies: 2
    Last Post: 01-Feb-17, 02:35 PM
  4. [Question] Cashbook balance Differs
    By Marley29 in forum Accounting Forum
    Replies: 4
    Last Post: 07-Dec-16, 08:57 AM
  5. Credit card cashbook won't balance
    By Vinruby in forum Accounting Forum
    Replies: 2
    Last Post: 10-Jan-12, 12:53 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •