Reconciliation Accounting : Financial Reconciliations Reports
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Reconciliation Of Balance Sheet Accounts
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Reconciling General Ledger Accounts
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Reconciliation Of Cost And Financial Accounts
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Reconciliations Accounting: Credit Reconciliations
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Reconciliation In Finance: Vendor Account Reconciliations
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Reconciliation In Banking
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Cash Account Reconciliations
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Reconciliation Accounting: Quality Services
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Reconciliation Of Accounts: Accounting Reconciliations--Hire
In accounting, reconciliations refer to the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Reconciliations are used to ensure that the money leaving an account matches the actual money spent. This is done by making sure the balances match at the end of a particular accounting period. To ensure the reliability of the financial records, reconciliations must, therefore, be performed for all balance sheet accounts on a regular and ongoing basis. A robust reconciliations process improves the accuracy of the financial reporting function and allows the finance department to publish financial reports with confidence. In the United States, the passage in 2002 of the Sarbanes-Oxley Act has emphasized the need for balance sheet account reconciliations to be included within a company's own procedures, not relying only on external auditors. Reconciling an account often means proving or documenting that an account balance is correct. For example, we reconcile the balance in the general ledger account cash in checking to the balance shown on the bank statement. The objective is to report the correct amount in the general ledger account cash in checking. You will often need to adjust the general ledger account balance for items appearing on the bank statement that were not entered in the general ledger account. How do you do reconciling of an account? When you do reconciling of an account, you are proving that the transactions that sum to the ending account balance for an account are correct. This means you can prove one of the following two assertions: That the transactions included in a revenue, expense, gain, or loss account belong in that account, and so should not be shifted into an account that more closely matches the nature of the transaction; or that the transactions included in an asset, liability, or equity account are valid, and so should not be flushed out of the balance sheet by shifting the transactions into accounts associated with the income statement. Auditors want to see account reconciling for larger accounts, though you should perform reconciling even in the absence of an auditor request, since this is a good accounting practice that leads to more accurate financial statements. Account reconciliations are usually done for all asset, liability, and equity accounts, since their account balances may continue on for many years. It is less common to reconcile a revenue or expense account, since the account balances are flushed out at the end of each fiscal year. However, this may be done simply to verify that transactions were recorded in the correct account; a reconciling may reveal that a transaction should be shifted into a different account. Usually, this means moving an expense into a different account. There are two ways to reconcile an account, which are: 1) Documentation review. A documentation review is the most common form of account reconciling, and the one that auditors prefer. Under this method, call up the account detail in the accounting software, and review the appropriateness of each transaction listed in the account. For example, if you are reconciling the trade accounts receivable account, the balance in the account should exactly match the total of the open accounts receivable report. 2) Analytics review. Under an analytics review, create an estimate of what should be in the account, based on historical activity levels or some other metric. For example, estimate the amount of expected bad debts in the open accounts receivable account, and see if this approximately matches the balance in the allowance for doubtful accounts contra account. If the account reconciling reveals that an account balance is not correct, adjust the account balance to match the supporting detail. By doing so, you can always justify the account balances. Also, always retain the reconciling detail for each account, not only as proof, but also so that it can be used as a starting point for account reconciling in later periods.
Following this best practices list will send you on your way to error-free account reconciliations and a more efficient financial close: 1) Account reconciliations should be complete - no account left behind: Ensure all appropriate accounts are being reconciled, including new accounts; Ensure that there is an overall reconciliations policy and that it is adhered to company wide; Ensure that each reconciliations includes a title, description of the account, and procedures and/or instructions on how to complete the reconciliations (applicable contacts, reports to run or obtain, etc.); Documentation supporting the account balance should be included with the reconciliations. 2) Account reconciliations should be accurate: The individual preparing and reviewing the account should have a basic understanding of what the account is used for and what should be used to support the balance. For example, cash accounts will most often need the general ledger and a bank statement in order to perform the reconciliations; Ensure that the correct, most updated balances are being reconciled; Ensure that the reconciliations actually supports the balance and is not just a repeat of the general ledger or a roll-forward of the balance; Watch for accounts that have unusual balances (such as an accrual with a debit balance or a receivable account with a credit balance). 3) Account reconciliations should be completed and reviewed in a timely manner: Create due dates for the reconciliations; Have a mechanism to track the status of each reconciliations; Make the high-risk account reconciliations due early on in the close cycle to identify any potential problems; Review the unidentified differences and post the necessary adjustments while the accounting period is still open. 4) Account reconciliations should support the appropriate accounting principles: Account reconciliations should follow their local accounting principles; Ensure the reconciliations follow the principles, such as historical cost, matching, and full disclosure; Ensure the reconciliations are objective, that they identify material unidentified differences, that they are consistent, and that the transactions behind the general ledger balance followed the convention of conservatism; Reconciliations should follow company policies. 5) The account reconciliations process should be constantly reviewed and improved: Review the account reconciliations policy to ensure it accurately reflects the company's position; Review the overall process routinely to identify improvements that help drive quality and timeliness; Review the reconciliations procedures and/or instructions to ensure they answer: What? When? Who? Why? How Much? Use standard templates for the various types of reconciliations for consistency and ease of reviewing for accuracy and completeness.
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