QUESTION DETAIL
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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?
ANSWER
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.