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If applicable enter the transaction reference number, cheque or receipt number, to not only assist with matching up the adjustment next month, but also for the auditing process.
XXX In depth help with adjustments
Bank Reconciliation Adjustments
As we don’t live in a perfect world, the bank reconciliation isn’t going to be perfect every time. Therefore it is necessary to create adjustments to ensure the bank’s records balance against the records in Wise Owl Legal.
Wise Owl Legal software has made adjustments easy, by having a pre-existing list of adjustmenst to choose from, spelt out in layman’s terms.
The adjustments have also been prenumbered for your convenience. A list of adjustments, and further explanations, are explained below:
- There is money deposisted into my account that I have not yet processed
- There is an error on my bank statement that the BANK will put BACK INTO my account
- There is an error on my bank statement that the BANK will TAKE OUT of my account
- There is money taken out ofmy account that the FIRM will PUT BACK
- A cheque was presented for LESS than our records
- A cheque was presented for MOER than our records
- Money deposited was MORE than the receipt we wrote – Firm will receipt
- Money deposited was for LESS than the receipt we wrote – Firm will deposit more
- Deposit for General was put into trust – bank will correct
- Deposit for General was put into trust – we will reciept and process correction
1000. None of the above describes my problem
At any point the bank reconciliation can be closed by selecting the 'Back to Trust Register' button. All transactions are saved at this point, allowing the bank reconciliation to be later resumed at its current state.
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