Unable to reconcile Sales Trust

Overview

Unable to reconcile Sales Trust

FAQs & Trouble Shooting

This article assist with what to do if you are unable to reconcile a trust in Reapit Sales Sales Trust module.

If you are unable to reconcile your trust account, complete the following checks:

1. Bank Statement:

Double check your bank statement to ensure you have logged all of the transactions as they have appeared on your bank statement. Check the dates and closing balance of your bank statement match what has been entered into Reapit Sales.

2. Transaction Dates:

Check all transaction dates that has been entered in Reapit Sales fall within the period you are trying to reconcile. If the transaction in question is outside your reconciliation period due to the above you can use a bank adjustment to correct your balance, then after EOM you will be able to present the transaction in question and resolve the adjustment.

The system will reconcile transactions based on the receipted / transaction date entered. In some cases you may receive a direct deposit at the end of the month you won't be able to process the transaction until the start of the new month due to receiving the bank statement the next business day. As a default, the system will lock the receipt/transaction date to the date when the transaction is being logged; this is designed to promote best practice in keeping your trust records up to date and compliant.

3. Bank Adjustments:

Check all bank adjustments entered have been entered correctly. For an amount that has been withdrawn from the bank account, enter a positive adjustment value. For an amount that has been deposited into to the bank account, enter a negative adjustment value. Ensure Bank Adjustments that have been previously contributed to a reconciliation have been marked as resolved.

4. Banking:

Ensure cash and cheque receipts have been marked as banked and correct dates have been entered.

5. Reversals:

Check the date you use as a reversal date when reversing transactions. If the date is outside the period you are trying to reconcile it can also affect you balance when reconciling. If you find that this has occurred you will also need to use a bank adjustment for the transaction in question, then after EOM you will be able to resolve the adjustment.

*Note: You should consult with your auditor as the above instructions are based on correcting transactions utilising the current functionality within Reapit Sales and do not reflect your responsibilities/requirements to be compliant with the Auditing legislation within your state.