<\/span><\/h3>\n\n\n\n1. <\/strong>The following are some probable explanations for each:<\/p>\n\n\n\nA. The opening book balance is excessively high<\/strong><\/p>\n\n\n\n\n- There are an excessive number of debit entries before the start date.<\/li>\n\n\n\n
- There is a credit entry or entries that are missing before the commencement date.<\/li>\n\n\n\n
- On the bank reconciliation window, the statement start date is entered incorrectly.<\/li>\n<\/ul>\n\n\n\n
B. This is an excessively low number of outstanding<\/strong><\/p>\n\n\n\n\n- There aren’t enough debit checks outstanding to cover the amount of money owed (customer payment cheques or general journal revenue cheques)<\/li>\n\n\n\n
- Most likely as a result of wrongly posted cheque expiration dates or duplicate entries.<\/li>\n\n\n\n
- There are an excessive number of outstanding credit checks (payment, payroll, or general journal payment cheques)<\/li>\n\n\n\n
- If this is your first bank reconciliation for this account, you may have entered too many previous credit cheques or not enough prior debit cheques into the system.<\/li>\n\n\n\n
- Similarly, if an adjustment was made to the opening book balance, this adjustment may need to be withdrawn from past outstanding transactions as well since the adjustment would be included in the discrepancy amount.<\/li>\n\n\n\n
- On the bank reconciliation window, the statement start date is entered incorrectly.<\/li>\n<\/ul>\n\n\n\n
C. The beginning balance of the statement is low<\/strong><\/p>\n\n\n\n\n- Although it is very unlikely, your bank statement may include the following inaccuracies from the bank:\n