1) LOCATE THE PROBLEM
Here is what you need to check:
- Open the bank account (Accounting > Bank Accounts). Select a YearToDate time frame. Look at the GL account number tied to this bank account.
- Open a 2nd browser tab. Do a search for the GL number you found above. Get a YearToDate time frame.
- Go back & forth between the two tabs comparing the balances. Check further and further back in time until you find out when they were out of balance.
- Once you know what date they went out of balance, look at the transactions for that date. Find the transaction that is on one screen but not the other. If you locate a single transaction, call support to help you correct it.
- However, if you have been out of balance since your implementation, you may need to make a one-time "fix" entry. The steps below walk you through that process.
2) DECIDE WHICH BALANCE IS CORRECT, AND MAKE A ONE-TIME ENTRY TO FIX
If the General Ledger Cash Account balance is correct, and you need to adjust just the Bank Balance:
- Accounting > Bank Accounts. New Transaction (submenu). Make an adjusting entry that will correct the Bank Balance. Use the GL Cash Account number for the other side of the entry. This will make a "wash" journal entry in the GL, and will not change it's balance.
If the General Ledger Cash Account balance is wrong, and the Bank Balance is correct:
- Make a Journal Entry to correct the GL Cash Account (you will need to decide what the "other side" of the JE should be)
- At this point the GL is correct, but the Bank Balance is now wrong
- Do a New Transaction. Make an adjusting entry that will correct the Bank Balance. Use the GL Cash Account number for the other side of the entry. This will make a "wash" journal entry in the GL, and will not change its balance.
- At this point both will match and be correct