On 2023-01-29 17:34, Dr. David Kirkby wrote:
I've reconciled my bank account until the end of July 2022, but then found
a bill from a vendor which was paid from the bank account in August, but
the transaction occurred in June. So really I want to create a bill in
June.
In what sense is this a "reconciliation error"? Reconciliation is the
process of comparing your records with the bank's records, and dealing
with any differences. One class of difference is when your records show
a transaction, but the bank's records do not show that transaction. That
transaction is left unreconciled. Another class of difference is when
both your records and the bank's records show a transaction, but the
details (e.g. the amount) differ. That transaction gets corrected in
your records, or flagged as a bank error, or something.
In this case it looks like your records omitted a transaction from June,
and you just now see it in the bank's records from August. Have you
reconciled your records with the bank's records from August yet? If so,
you should have noticed the transaction in the bank's records. If you
have not yet reconciled with the bank's records from August, then now is
the time to correct the discrepancy.
…What's the best way out of this?
First, validate that the bill is valid, that the vendor did issue it,
and that it was correct to pay it. If any of those are not true, start a
dispute about the error. If they are true, then create a bill in your
records dated in June, and record that it was paid from your bank
account in August. You got two month's worth of float. Congratulations.
Dr David Kirkby Ph.D
Email: drkir...@kirkbymicrowave.co.uk Web:
https://www.kirkbymicrowave.co.uk/
Kirkby Microwave Ltd (Tel 01621-680100 / +44 1621-680100)
Stokes Hall Lodge, Burnham Rd, Chelmsford, Essex, CM3 6DT.
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