Reconcile the bank for the first time

I am taking over the bank reconciliation of an existing company that has not use the bank reconciliation feature before.  My unresolved transactions is the prior month bank balance.  How do I get that to zero?  I have read the procedure on "Reconcile an account for the first time" but am unsure on the steps of adding prior outstanding.

Can someone provide clearer information?  Thanks

  • I think you have to back date your reconciliation dates so it picks up all items not reconciled.
  • Before you can start a bank/account reconciliation you need to know all of the outstanding payments and deposits as of the start date of the bank statement you wish to start with for reconciliations. The opening balance on the statement less all outstanding payments plus all outstanding deposits must equal the book balance for the bank. This can be done manually. Then when you start the reconciliation you are asked to enter the opening and closing amounts from the bank statement. The next step is to add all the outstanding items. The best way is to find the entry in the listing of past transactions and double click it. When you have selected all outstanding items you close that screen and go back to the reconciliation screen. Check the numbers at the bottom of the screen as there should be no discrepancy. If there is then there is a missing outstanding item or an item that has been included which should not have been included. Verify all of your inputs and then hit enter and start the reconciliations.