Before starting your trust reconciliation, please ensure you have the trust statement, which contains details like transactions, ‘Bank Statement Date’ and ‘Statement Closing Balance’. Next, go through this statement and ‘tick’ the boxes in SILQ that match the transactions. Once this is completed the ‘Out of Balance’ should be ‘$0’ and you can click on ‘Reconcile Account’.
Adjustments
Deposit and withdrawal adjustments are completed from time to time during Trust Reconciliations when unreconciled amounts of money overlap end of month.
Example 1: Reconciling: February | Current Month: March
If you received an amount of money into your Trust Account on the 27th of February, but you did not ‘notice’ it until the 5th of the following month, you need to enter an adjustment in SILQ to ensure it appears in the correct month.
The original money will not ‘appear’ on the February reconciliation; rather it will ‘appear’ in the March reconciliation as that is the entered date. As a consequence, you would not be able to complete February’s reconciliation as it will have missing information. In order to get around this, you need to make an adjustment. Then in March, the original transaction will appear, along with the automated reversing adjustment, the two of which counteract each other, and therefore allow you to complete March’s reconciliation.
Example 2: Reconciling: January | Current Month: February
You have noticed your trust statement has a receipt for January but you can’t find it in trust reconciliation. You check Trust Money and can’t find it. To resolve this you need to enter a trust receipt. After you enter the trust receipt in Trust Money, go back to the reconciliation window and enter a ‘Deposit Adjustment’
(Note: the transaction date will be the date you actually received the money and the date entered is the date the transaction was recorded in SILQ).
Example 3:Reconciling: March | Current Month: April
You have recorded a receipt/withdrawal in SILQ and have subsequently noticed during reconciliation that the amount/description is incorrect. To correct this, go to Trust Money and reverse the item. Then record the item again with the correct details. Next, go back to trust reconciliation and enter a receipt/withdrawal adjustment.
Note:
Adjustments must NOT be used to “fix” an incorrect entry. Instead, „Reverse Item‟ must be used in Trust Money.
Adjustment must NOT be used to “fix” items missing in Trust Reconciliation. Instead, ensure the item has been recorded in Trust Money first, before entering a necessary adjustment.
If you have any other queries, please contact support on 1300 55 66 89 or
support@silq.com.au