Reconciliation of UK Dollar account can you help

Reconciliation of UK Dollar bank account

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I need to reconcile a UK Dollar account manually, can anyone assist please ?

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By johngroganjga
04th May 2024 19:59

What help do you need? What difference does the currency in which the account is denominated make?

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By Paul Crowley
04th May 2024 21:10

There must be an ap or AI that can do it for you. Not.

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By D V Fields
04th May 2024 23:13

It is no different in principle to a sterling currency bank account.
You need to reconcile the dollar values to the dollar bank statement. Thus you must have the dollar values as well as its sterling equivalent. Don’t forget to post an exchange rate entry to bring the sterling value in line with the dollar value at month end. This entry will of course have a zero dollar value.

If you only have the sterling value of each transaction then you will need to convert them back to their dollar equivalent and then try and match the cash book entry with the dollar bank statement. Extract raw data to Excel to help with performing the reconciliation.

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Replying to D V Fields:
By FactChecker
04th May 2024 23:26

OP: to put it more bluntly ...

* either the items were invoiced in US Dollars (in which case reconciliation is simply reconciliation);
* or they were invoiced in some other currency (in which case you've got all the bother of spot rates prior to reconciliation and noting fees/charges - so why are non-US$ invoices being settled in US$)?

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Replying to FactChecker:
By Sassy26cat
05th May 2024 11:12

Thank you - that does help.

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