Review Checking Account Registers for un-cleared transactions:
HOW? Banking – Use Register – Choose Account you want to review
In the bottom left, from the dropdown list of sorting options, choose ‘Cleared Status’
WHAT TO LOOK FOR:
Scroll up to where the check marks, stars or lightning bolt marks stop.
If the cash accounts are being managed properly, the cleared balance (that’s what those marks mean) should match the bank or statement balance as of a certain date.
If you see check marks, the account has been reconciled through the last bank statement. (the balance at the last check mark should equal the bank statement)
If you see lightning bolts, the bank activity is being downloaded. To verify the register matches the downloaded balance:
Bank Feeds (or Online Banking) – Choose Account – Look in the bottom half for the last downloaded balance
If you see asterisks, that means the activity has been cleared, but not reconciled.
The balance is only accurate to a certain point. Without knowing that point, it’s hard to determine the accuracy. Best plan of action is to reconcile to the most current statement, then review again. If there are still asterisks, pull the bank activity and go through the reconciliation process through the latest balance. DON’T hit reconcile though. That makes a mess!!!
