Help with an old Bank Rec.


X

Xracertel2003

I need some advice.

I'm new to a company and that company had a bank account that has
never been reconciled.

It's not a huge account but it's been around awhile and I was
wondering how I would begin to reconcile this account, Its been open
for a few years and I can't believe nobody ever bother to record the
activities.

Do I have to start from the beginning when the account was first open?
Or can I pick a certain month and start from there.

Any advice would be appreciated. This is in the USA.

Thanks
 
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A

Arnold

Questions:

What kind of software are you using?
Do you have a check register for the last 90 days?
Do you take credit cards?
How are you tracking your bank balances?

Once we know these, we can formulate a strategy.

Thanks,

Arnold
 
P

Paul

Xracertel2003 said:
I'm new to a company and that company had a bank account that has
never been reconciled.

It's not a huge account but it's been around awhile and I was
wondering how I would begin to reconcile this account, Its been open
for a few years and I can't believe nobody ever bother to record the
activities.

Do I have to start from the beginning when the account was first open?
Or can I pick a certain month and start from there.


You can start anywhere, but lots of assumptions would have to be made. If
it's a little used account, pick the most recent months account and make the
wild-assed-guess that there aren't any outstanding transactions, and presto!
it balances. You run the risk that your assumption is incorrect, but it
gets you up and running if that's what you need. You can work backwards
from there, and see what the transactions were, or as they say in Jersey,
fugetboutit.

If you want to look really busy, start with the first statement, check
register and deposit slip and go at it.
 
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X

Xracertel2003

Thanks!!!!


Paul said:
You can start anywhere, but lots of assumptions would have to be made. If
it's a little used account, pick the most recent months account and make the
wild-assed-guess that there aren't any outstanding transactions, and presto!
it balances. You run the risk that your assumption is incorrect, but it
gets you up and running if that's what you need. You can work backwards
from there, and see what the transactions were, or as they say in Jersey,
fugetboutit.

If you want to look really busy, start with the first statement, check
register and deposit slip and go at it.
 

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