When you are completing your January bank reconciliation, do not be surprised if you find a large “Bank Recon to GL Balance Difference” on the last page of the Bank Reconciliation Worksheet.
The reason is the fiscal year has not been closed. To ensure the cash account balances carry forward into the new year, you must either close the fiscal year or re-summarize the GL for 2021. Keep in mind, if you are not ready to post through 12/31, the only option is to re-summarize the GL for 2021.
To do this go, to System>>Maintenance>>Re-summarize GL for Financial Statements. Set up the parameters as follows:
Select Process, then Yes to the following warning:
Next, select YES to the second warning:
If you had a Bank Rec to GL Balance Difference of zero for your December bank reconciliation, then your Bank Rec to GL Balance Difference for January should also have a Bank Rec to GL Balance Difference of zero.