Why Doesn't my Bank Reconciliation Balance?
If you’ve matched all bank statement lines and excluded any reversed Migration Manager transactions that need to be excluded but your reconciliation still doesn’t balance, you’ll need to find out why. There are a number of possible reasons:
1. Check your Statement Opening Balance
If this is the first time you’ve done a bank reconciliation in Migration Manager, check your bank statement and make sure the Statement Opening Balance in Migration Manager is correct. If the opening balance is wrong, you can change it by opening the bank reconciliation and entering the correct opening balance.
2. Check your Statement Closing Balance
Check your bank statement and make sure the statement closing balance in Migration Manager is correct. If the closing balance is wrong, you can change it by opening the bank reconciliation and entering the correct closing balance.
3. Check for Unreconciled Transactions in Migration Manager
Click on the Transaction Tab of the Bank Reconciliation Form. If this is the first bank reconciliation you’ve done in Migration Manager, select a From Date that is well before you started entering transactions into Migration Manager. Otherwise, select the bank reconciliation start date as the From Date. Select the reconciliation end date as the To Date. Click the Refresh button.
You will see a list of all transactions entered into Migration Manager between the selected dates. If any of these transactions haven’t been reconciled, the Status column will show “Unreconciled” in orange.
Unreconciled Migration Manager transactions that belong to the reconciliation period will prevent your reconciliation from balancing. They can indicate that:
Check your bank statements against the bank statement lines that appear in the bank reconciliation. If there are lines that appear on the bank statements during the reconciliation period but don’t appear in the reconciliation, you will need to import those lines. Login to your bank’s online banking system and export just the missing lines, then import them into Migration Manager
Any transactions in Migration Manager that appear on bank statements prior to the first bank statement you are reconciling should be excluded from the reconciliation. If this is the first reconciliation you’ve done in Migration Manager, you can exclude a transaction from the reconciliation by selecting the transaction in the Transactions tab and clicking the Exclude from Reconciliation button. If a transaction has been excluded incorrectly, you can re-include it by selecting the transaction and clicking the Include in Reconciliation button.
If you’ve done reconciliations in Migration Manager before, you should have excluded any necessary transactions as part of the first reconciliation, so this option won’t be available.
If you need to reverse the transaction, double click on the row in the Transactions tab to open the Migration Manager transaction, then click the Reverse button.