Reconciliation verifies that:
Opening Balance
+
*listed* transactions
=
Ending Balance
That is all.
Sometimes, banks don't clear transactions in the same period they were
submitted. It appears in this case, it cleared an entire period late.
You were able to reconcile June & July because the bank didn't think it
existed yet either, till August.
If you or they *did* have the transaction in your respective books, then
you either could not have reconciled without an adjustement, or you'd
still have that transaction as pending and not yet cleared. In this
case, you just need to add it and it will reconcile in August, because
that is when it cleared the bank. (you can still enter it as the
original effective date if that is what you want)
Regards,
Adrien
On 1/30/23 5:28 AM, Dr. David Kirkby wrote:
I was under the impression that the reconciliation should record all
transactions up to the date one reconciles. Clearly one had been missed,
so I thought that was an error. But from what you say it is not.
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