Bank Reconciliation- How is Reconciliation Difference calculated
Description of Issue
How is Reconciliation Difference calculated?Â
Context
Bank ReconciliationÂ
Cause
Resolution
The Reconciliation difference amount is derived from the calculations below.
Bank Balance - Total Outstanding = Reconciliation Balance
GL Book Balance - Reconciliation Difference = Reconciliation Difference
Additional Information
Bank Balance is manually keyed when the reconciliation is generated.
GL Book Balance is the balance of the GL accounts tied to the noted bank code through the end of the reconciliation range defined on the Bank Reconciliation Record.