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Bank reconciliation discrepancies

Zenya Allen
Zenya Allen
  • Updated

In this user guide, you'll understand how to identify some causes of incorrect entries on your CFPwinMan, to aid with the reconciling of entries on your bank statement.

The basic principle of the Bank Reconciliation is for all receipts, transfers, and payments carried out in your CFPwinMan software, to correspond with those same entries as they appear on your client account bank statement.
For more information on how to carry out a bank reconciliation, click here

If you need to find out if and when a transaction was reconciled, click here for more information on How can I find out if a transaction has already been reconciled.

This article includes: 

Post dated items

  1. If an item is post-dated, you will find the Bank Reconciliation displays the amount of the post-dated item as a discrepancy
  2. It will also show the report Cash Book Summary, everything on the system up to the date on the top left of the bank rec, and the Accounts Cash Book Balance, regardless of date
  3. To rectify a date related discrepancy, it is best to take the date entirely out of the equation by moving the Reconcile Balances date forward to 31/12/2100. This will then rid the discrepancy and display the forward dated item
  4. If the item is post dated but has already been reconciled, the discrepancy will disappear but there will be no entry to show for it

Statement balance amended errors

A discrepancy will also appear if the statement brought forward balance has been amended.

  1. For example, if the statement Balance B/fwd is £16,780.00, change this balance down to £16,000.00
  2. Click View, we would see a Discrepancy of £780

This is because, according to the system, you have not accounted for £780.00 worth of money

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Correcting historic errors

If the Statement Balance B/fwd was changed a long time ago and you wish to rid the discrepancy:

  1. Create a landlord called SUSPENSE in order to house this discrepancy
  • In the example above, we used a Statement Balance B/fwd that is £780 down on the systems true balance. Let’s say that this is our ACTUAL client account balance and that we want rid of this discrepancy
  1. Post a receipt of £-780 as Landlord unallocated monies with the Receipt Type of Standing Order
  2. The bank rec appears as £780 in the Debit column

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  3. Tick this item
  4. Change the Statement Balance B/fwd increasing it by £780 to £16,780.00 as we want it to say £16,000 AFTER updating this bank reconciliation

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  5. Click Update

Once updated, the correct Statement Balance B/fwd will return to £16,000.00 and the discrepancy will disappear from the report as it's now showing in the Suspense Landlord’s receipt account.