It is my first bank reconciliation for my company. I have posted all purchases for January, and it balances, save for the outstanding withdrawals and deposits.
I have a large amount outstanding cheques for December, as well as deposits. When I enter the amounts I have to use the 'insert outstanding' option, as the transactions were not previously posted in Sage (no system before January). When I enter all the amounts, I then show both a discrepancy and an unresolved amount - and they match each other (one is negative, one is positive - the number is the difference between my o/s deposits and o/s withdrawals).
Am I supposed to change something in the General Ledger? Why can I not just enter the outstanding withdrawals and deposits?
Looking forward to any advice there is. NOTE: Yes, all balances match without the o/s amounts.