UK Bank Reconciliation


JUE

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Hi. We have received a payment in our account back in August that wasn't ours. This was allocated on account. It's now been noticed by the Bank and it's been taken back from us so now the Bank reconciliation for November is a difference of this amount.

What is the best way now to reconcile this on our ledger it's on has a payment on account, is it best to put a Invoice and Credit on for this amount and allocate it this way, or shall I do another way.

Thanks
J
 
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Dec 5, 2015
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How did the account ever reconcile to begin with ? If it was a charge you didn't recognize, you had no receipt for it, etc, there shouldn't have been any way of reconciling the account without figuring out what the extra money was from. Since someone had to have done SOMETHING to the books to get the account to reconcile, I'd just do some kind of transaction to undo whatever that SOMETHING was - it was probably some kind of an adjustment someone decided to make because they were too lazy to figure out what it really was.
 

Fidget

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Hi. We have received a payment in our account back in August that wasn't ours. This was allocated on account. It's now been noticed by the Bank and it's been taken back from us so now the Bank reconciliation for November is a difference of this amount.

What is the best way now to reconcile this on our ledger it's on has a payment on account, is it best to put a Invoice and Credit on for this amount and allocate it this way, or shall I do another way.

Thanks
J
Which account was it allocated to? All you have to do is debit the amount back into that account and credit the bank account.
 
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Just reverse the deposit you posted in Aug. If you posted the payment on account, that means to reverse the payment would Cr bank Dr AR on account. The bank rec would be reconciled and the on account AR account will be zero.
 

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