Reconciliation Discrepancies in Version 2006 - Accounting Software Secrets
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Reconciliation Discrepancies in Version 2006

Reconciliation Discrepancies in Version 2006

Another significant change in version 2006 from an accounting perspective is that when completing bank reconciliation procedures with a difference not equal to zero, the adjustment amount is no longer recorded to opening balance equity.  There is now a new account called Reconciliation Discrepancies in the expense section of the chart of accounts.

This change has met with mixed reviews:  Some people are glad that it no longer appears in the equity section so the minor differences are just run through the Profit & Loss report and are eliminated going forward.  Others feel that it is easy to overlook this account and the business owner may not be as careful as they should be because it will not be as obvious when the accountant reviews the financial statements.

More information on this topic


2006 Update Book

What’s New in Version 2006