Why We Added this Override?
Sometimes we're noticing that in the prior year files that are being rolled forward, the previous accountant or preparers were lazy.
How lazy? Well because the bank statement may have taken the closing transaction to the 28th or 29th (not the 30th or 31st) they are missing a few days. Sometimes they're even going ingo the 1st or 2nd of the NEXT month (fiscal year)
Then the bank reconciliation "appears" to not be working because our AI system is locked in on the 1st day is the first of the month and the 30th or 31st is the last day of the month, always.
That's not an AI issue, it's a human issue. We all do it, you know you have files like that where the reconciliation wasn't done to the EXACT closing date of 30th or 31st.
What's New in Today's Release:
- Override Ability in Open/Close Bank Rec balances: Now that you manually override the balance you may choose that 29th or 30th day as the opening or keep it the way it is.
- Categorize as "Outside Fiscal Year": This category allows for you to EXCLUDE a transaction. If you found that something was already included in a prior period you can choose to EXCLUDE it.
- Combine these 2 tools: Using both the ability to exclude a transaction and the ability to modify the open/close balances of the bank rec, you essentially have the ability to determine what the "reconciling fiscal period" truly is, and adjust for these cutoff timing issues caused by not using a "last day of month" in the prior year.
This update is live right now across all new Bank and Credit Card working paper jobs.