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What is an acceptable practice when trying to balance a bank statement and the problem cannot be found? How do you reconcile?


Expert Charles Randall's Answer:

When reconciling a bank statement to the general ledger and the problem cannot be found, you should do 2 things.  First, treat the amount that you are off as an unlocated difference on the reconcilation; second perform a "proof of cash" starting with the last time the account was reconciled.  This tool isolates the differences whether a deposit or a disbursement or a combination of the two.

Charles Randall, CPA

New York

39 yrs experience

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