• Section: Banking
  • Last updated: June 6, 2019, 3:14 p.m.

Calculated Statement Balance & Balance Sheet Don't Match

In the reconcile window, The calculated balance is the total of all previously cleared and reconciled transactions prior to the date that is entered in the Bank Statement Date field. (If the account has never been reconciled this field shows the opening balance for the account.) The value is adjusted as the you check-off deposits and withdrawals to reconcile (to the point where it matches the New Statement Balance).

Calculated Statement Balance and Balance Sheet amounts don't necessarily have to match. If you've entered checks and deposits that are currently outstanding, these amounts will not match.

In the Reconciliation Report, under the Banking tab, there is a reference to the account balance in AccountEdge. This amount should match the amount displayed on the AccountEdge Balance Sheet report (Accounts tab). However, to get the calculated statement balance needed for next month's reconciliation, after the current reconciliation is complete, you must take this amount and add any outstanding checks and subtract any outstanding deposits. This amount is the Expected Balance on Statement, which is the Calculated Statement balance for the next month's reconciliation, as displayed on the Reconciliation report show above.

Note: The Balance Sheet report must be filtered for the same date as the bank's statement date.