Bank Reconciliation Advice

      What should I do if my bank reconciliation is not balancing?

  1. Look to see if your software’s Checks and Debits, Deposits and other Credits, beginning and ending bank balances match your bank statement. If something does not match, identify where to look for an error. For example, if your Checks and other Debits are less than the amount on your bank statement, you may not have a check selected in the MySchoolAccounting (MSA) software.
  2. It is best practice if your MSA deposits match your actual bank deposits. Credit card deposits should be compared with credit card merchant websites with MySchoolFees contracted schools to ensure matching deposit amounts. Taking these steps up front eliminates much time lost later when it is time to reconcile bank statements.
  3. There are two tools in the bank reconciliation window to help you locate the source. Go to Tools (top of recon screen), and use the Test Recon Data to look for problematic entries. Look at any findings to resolve missing BGL accounts*, etc. (You may need to call TES Support for assistance in correcting the issue at 888-756-5333 x3 M-F).  The other tool is the Amount Search. This is sometimes helpful to locate a possible problem entry.

     4. Are there any undeposited receipts that need to be included in a deposit?

            -Remember when you change a posting period, if prompted that there are undeposited receipts, you must deposit them.

     5.Does your system balance? (File,  End of Day, Test System Balances)

     6. If you still can’t locate the problem, do a backup and run a Full Data Recovery (File, Manager, Recover Data Files, Full Data Recovery) then look at your bank reconciliation screen again. This often corrects obscure issues within the system.

 

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