The Statement Date Decides What You Can Clear in MIP
In MIP®, the statement ending date controls which transactions are eligible for clearing during bank reconciliation. That date is not cosmetic. It acts as a filter. If it is set too late, transactions from the next period appear and can be cleared prematurely. If it is set too early, valid items from the current period are hidden, even though they belong on the reconciliation.
This is how over- and under-clearing usually starts. Users begin clearing items before the statement date is keyed, assume something is missing or duplicated, and then compensate with manual explanations later. The reconciliation technically balances, but the logic behind it is compromised.
Entering the statement ending date before clearing anything keeps the reconciliation aligned with the bank’s cutoff. Only the correct transactions appear. Clearing decisions are based on the same timeline the bank is using, which makes reviews and audits easier to support.
This video is for accounting teams that reconcile regularly and want each reconciliation to reflect the correct period without cleanup entries or carryforward explanations. It is not intended for organizations that rely on after-the-fact adjustments to make reconciliations work.
McGovern Consulting Group provides MIP Accounting® Training and Implementation Services. We focus on small setup decisions like this because they determine whether reconciliations stay clean or quietly drift over time.
If you want your reconciliations to match the bank without extra explanation, schedule time with us to review your process.
https://mcgoverncg.com/schedule/
If you prefer to learn first, free MIP® fund accounting training is available here.
https://www.freemipfundaccountingtraining.com/
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