Bank adjustments can be used to record errors made by the bank where the error is preventing a successful reconciliation, e.g. incorrectly debiting fees or incorrectly crediting the trust account. Bank adjustments can also be used to correct other discrepancies between the cashbook and bank statement however should be used with caution. Please contact your accountant for further advice.

 

*Note:

- Bank adjustments are entered to record errors made by the bank where the error is preventing a successful reconciliation, e.g. incorrectly debiting fees or incorrectly crediting the trust account. A bank may also be used for other errors that require amending.

- A bank adjustment can be permanently deleted until it has contributed to one or more successful bank reconciliations.

- If a bank adjustment has contributed to a successful bank reconciliation, it will remain on file for the next reconciliation until it is marked 'resolved'.

- Once marked resolved, the bank adjustment will remain editable until the next successful reconciliation, at which point it will be archived.

 

1. Select Transactions, Reconciliation and then Bank Adjustments
 

 

 

2. Select the Trust Account from the Trust Account drop-down

 

 

3. Enter Bank Adjustment Details:

 

A. Date when the funds were incorrectly withdrawn from / deposited into your account.

 

B. Amount

• For an amount that has been withdrawn from the bank account, enter a positive adjustment value (For example you have been charged a $40 bank fee incorrectly and it has been deducted from your Trust Account. You need to enter this in as an adjustment as $40.00. Once the bank refunds this money you can resolve the adjustment)
• For an amount that has been deposited into to the bank account, enter a negative adjustment value (For example you accidently transferred $100 from your general account into your trust account, it is after your reconciliation period before you noticed so you need to add this as an adjustment to reconcile. This extra money needs to be entered as a negative adjustment -100.00. Once you have reconciled and transferred the money back to general you can resolve the adjustment).

 

C. Reason

 

 

 

4. Click Submit 

 

 

5. You will be able to edit or delete the bank adjustment up until a reconciliation has taken place using the Edit icon or  Delete Icon next to each adjustment record.

 

 

 

*Note: All Outstanding Bank Adjustments with a date prior to the closing date of your bank reconciliation will be included as an adjustment unless marked as resolved  via the icon.