Frequently Asked
Questions
Find Solutions to Common Issues Related to accounting-reports - bank reconciliation
How do I ensure my ledger balances and bank reconciliation match properly in BUSY
To ensure your ledger balances and bank reconciliation match properly in BUSY, follow these steps:
1. Verify that all transactions in your ledger are accurately recorded.
2. Compare the ledger balances with the bank statement balances.
3. Reconcile any discrepancies by identifying and correcting errors or missing transactions.
4. Ensure that all bank transactions, including deposits, withdrawals, and fees, are properly recorded in BUSY.
5. Double-check the accuracy of your bank reconciliation by reviewing the matched transactions and ensuring they are correctly accounted for.
6. Regularly update and reconcile your ledger and bank statements to maintain accurate balances.
By following these steps, you can ensure that your ledger balances and bank reconciliation in BUSY are aligned correctly.
Why is there an opening balance mismatch between the software and my records
To ensure your ledger balances and bank reconciliation match properly in BUSY, follow these steps:
1. Verify that all transactions in your ledger are accurately recorded.
2. Compare the ledger balances with the bank statement balances.
3. Reconcile any discrepancies by identifying and correcting errors or missing transactions.
4. Ensure that all bank transactions, including deposits, withdrawals, and fees, are properly recorded in BUSY.
5. Double-check the accuracy of your bank reconciliation by reviewing the matched transactions and ensuring they are correctly accounted for.
6. Regularly update and reconcile your ledger and bank statements to maintain accurate balances.
By following these steps, you can ensure that your ledger balances and bank reconciliation in BUSY are aligned correctly.
Where is the ledger in BUSY that shows my bank account transactions
To ensure your ledger balances and bank reconciliation match properly in BUSY, follow these steps:
1. Verify that all transactions in your ledger are accurately recorded.
2. Compare the ledger balances with the bank statement balances.
3. Reconcile any discrepancies by identifying and correcting errors or missing transactions.
4. Ensure that all bank transactions, including deposits, withdrawals, and fees, are properly recorded in BUSY.
5. Double-check the accuracy of your bank reconciliation by reviewing the matched transactions and ensuring they are correctly accounted for.
6. Regularly update and reconcile your ledger and bank statements to maintain accurate balances.
By following these steps, you can ensure that your ledger balances and bank reconciliation in BUSY are aligned correctly.
I'm attempting to run monthly reconciliations in BUSY but the numbers don't match my bank statements. What could cause inaccuracies in the reconciliations?
There might be many reasons because of which bank entries entered in BUSY software but
not matching with bank statement some of which are given below:-
I. Timing Differences:
1. Cheques issued by the firm but not yet presented for payment.
2. Cheques are deposited into the bank but not yet collected.
3. Direct debits made by the bank on behalf of the customer.
4. Amounts directly deposited in the bank account.
5. Interest and dividends collected by the bank.
6. Direct payments made by bank on behalf of customers.
7. Cheques deposited and bills dishonoured.
II. Differences due to recording Errors:
1. Errors committed in recording transaction by the firm.
2. Errors committed in recording transactions by the bank.
I need help reconciling my bank statement in BUSY. What is the process for that?
To reconcile your bank accounts in BUSY, you can follow these steps:
Step 1: First turn on the Bank Reconciliation feature by going to Administration menu,
Step 2: Then click on Configurations and select Features / Options.
Step 3: Select Accounts tab then check the box next to Bank Reconciliation and save.
Step 4: Next, go to Display menu and click on Bank Reconciliation option.
Step 5: Choose Show Uncleared Entries and select the Bank Account.
Step 6: Enter the date range and open the report.
Step 7: To clear an entry press F4 on your keyboard to open the clearing window enter the clearing date as per the statement and click on the OK button.
I need help reconciling my bank accounts what features does BUSY have for this?
To reconcile your bank accounts in BUSY, you can follow these steps:
Step 1: First turn on the Bank Reconciliation feature by going to Administration menu,
Step 2: Then click on Configurations and select Features / Options.
Step 3: Select Accounts tab then check the box next to Bank Reconciliation and save.
Step 4: Next, go to Display menu and click on Bank Reconciliation option.
Step 5: Choose Show Uncleared Entries and select the Bank Account.
Step 6: Enter the date range and open the report.
Step 7: To clear an entry press F4 on your keyboard to open the clearing window enter the clearing date as per the statement and click on the OK button.
How do I reconcile bank transactions in BUSY?.
To reconcile bank transactions in BUSY, you need to follow these steps:
Step 1: Go to the Display Menu and click on Bank Reconciliation option.
Step 2: Click on the Show All Entries option.
Step 3: Select Bank Name which you want to do reconcile bank transactions.
Step 4: Select stating date, ending date and select any other required option.
Step 5: click on OK. The report will be displayed on the screen.
Step 6: You can review the entries in the report as per the selected date range.
Step 7: To reconcile a specific entry, select the entry and press the F4 key to clear the entry.
I am trying to match the bank statement date range in BUSY but the balances dont match why
There could be several reasons why the balances in BUSY don't match the bank statement date range. Some possible reasons could include:
1. Transactions may have been entered incorrectly in BUSY, leading to discrepancies in the balances.
2. There may be outstanding transactions or pending transactions that haven't been accounted for in BUSY.
3. Bank fees or charges may not have been recorded in BUSY, affecting the balance.
4. There could be errors or discrepancies in the bank statement itself.
To resolve the issue, you can double-check the entered transactions in BUSY, ensure all pending transactions are accounted for, and compare the bank statement with the records in BUSY for any discrepancies.
How do I match daily bank reconciliation in BUSY as my statement has daily balances
To match daily bank reconciliation in BUSY when your statement has daily balances, you can follow these steps:
Step 1 : Begin by comparing the opening balance on your bank statement with that in BUSY.
Step 2 : Compare each transaction on your bank statement with the corresponding entry in BUSY.
Step 3: Ensure precise alignment of amounts and dates for accurate matching.
Step 4: Investigate and resolve any discrepancies by cross-verifying for missing or duplicate transactions.
Step 5: Repeat this process for each day's transactions until reaching the closing balance on your bank statement.
Step 6: Finally, scrutinize the reconciliation statement to assess the impact of uncleared cheques on the clear balance.
How do I reconcile bank accounts and credit cards in BUSY?
To reconcile bank accounts and credit cards in BUSY, you can follow these steps:
Step 1: Enable the feature
1: Administration
2: then Configuration
3: Accounts
4: Enable the checkbox "Bank reconciliation"
Step 2:Reconciliation steps
1: Display
2: Bank Reconciliation
3: Select "Show all entries" "Cleared entries" or "Uncleared entries"
4: Select the Bank accounts or credit card account
5. Select the date range
6: Verify the entries with the bank statement
7: Press the "F4" Shortcut key to update the reconciliation status
8: Specify the "Clearing Date" and "Clear full Voucher"
For more detailed instructions, you can refer to the BUSY youtube channal or you can reach out to the 24/7 BUSY Centralized Support at 8282828282.