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Kaitlynn Collins

Adjusted book balance not matching statement

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I have reconciled my bank accounts and the correct totals are showing with a zero adjustment required in the reconciliation window. Since this is back work (2022) I am working forward and the balance sheet at Jan 1 2022 is not showing the correct statement balance in the Bank account - it is reflecting an Adjusted book balance which encompasses all the uncleared transactions. How do I fix this or will it all be fixed once 2022 is completely reconciled?

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    Hi

    Thanks for reaching out. Did you ever find an answer for this issue? If you are still looking for guidance, please let us know and we can try to point you in the right direction or suggest some resources or next steps.

    Warm Regards,

    Erzsi

  • 0

    The balance sheet at Jan 1 2022 SHOULD include all uncleared transactions that originated up to and including Jan 1 2022.  For example:

    Balance on bank statement = $1,500.

    Cheque issued December 31, 2021, $500.  Not cleared as of Jan 1, 2022.  Balance sheet should show $1,000  ($1,500 per bank minus $500 spent that the bank doesn't know about).  You can think of the balance sheet as showing how much money you actually had available for new spending on that date.

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