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Error 'Final balances do not reconcile!'

Summary

I am seeing the error "Final balances do not reconcile!" when trying to record a reconciliation, even though the Reconciliation Progress is showing that the Account reconciles.

Detailed Description

The error message: ' Final balances do not reconcile!' will appear after clicking on the Record button, if the opening balances for that bank have been modified, even though the bank appears to be reconciled. 

 

Step 1 

  • Click on the Transactions Previous Reconciliations menu option. 

 

 

Step 2

Either:

  • Click on the drop down arrow to select the bank you were trying to reconcile from the drop-down menu, OR
  • Click on a reconciliation and then click on the View Details button. 

 

  • There should not be a reconciliation difference. If there is a difference click on the Close button.

 

 

Step 3 

  • Starting at the bottom of the list (most recent), delete each Reconciliation by highlighting the reconciliation then clicking the Delete button.

 

  • Click Yes to the following Confirm message:

 

  • Click No to the following confirm message:

 

  • Click on the down arrow and select the previous finanical year.

 

  • Click on the Reconcile toolbar option.
  • Select the correct bank.
  • Make a note of the list of Payments and Receipts remaining unreconciled in the list.
  • Make a note of the Reconciled Balance, this should be highlighted yellow.

 

  • Click on the down arrow and select the current financial year

 

  • Click on Setup > Opening Balances > Bank Accounts menu options.
  • Make sure the Opening Bank Statement Balances is the same as the previous financial years Reconciled Balance.
  • Make sure that the - Outstanding payments and + Outstanding receipts listed are the same as those listed as still unreconciled in the previous financial year.

 

 

Step 4

  • Record all the reconciliations again.
  • Note: If you wish to remove outstanding payments and receipts - these need to be reversed out using the same account code used in the original transaction. Click on the following PS Knowledge Base link: How do I clear outstanding transactions from previous years.

 

 

 

 

 

 

 

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