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New Bank Accounts

Gail Mullins

We opened new bank accounts and wrote checks from our existing accounts to fund them. The deposit is showing up in the register in the new bank account but when I go to reconcile the account the $100 is not there for me to click. On the advice of blackbaud chat I did a do not post new adjustment - that did not work either. So I tried to put the $100 in as my opening balance in the reconciliation input (even though my opening balance is really -0-) That puts my reconciliation difference to -0- but then my GL cash account is off the $100. I can do a journal entry by checking allow journal entry without effecting cash account, but I wanted to see if anyone else has had this issue. Thank you

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Comments

Lynn Abbott

@Gail Mullins
We do transfers between bank accounts and incurred the same issue. We use a third account so the check is written/coded against that account and then, when the check is deposited, the deposit is posted/coded against the same account so that the third account nets to zero and all of the entries appear in the bank reconciliations.

Sylvia Cook

@Gail Mullins
I would recommend creating an invoice to cash over/short (or some account to clear this through), create the cheque to pay the invoice, and then deposit the cheque posting to the same account to clear it.

I am guessing the new bank account is not with the same bank. We transfer between our bank accounts as they are within the same bank so we transfer funds online (don't write a cheque). Then in the bank register we record the transfer using the bank adjustment type "transfer" and the bank-to-bank transfer that shows up in both bank registers for reconciling later. Important to use the type “transfer” and not payment or deposit.