Know the Steps for successful account reconciliation.
Knoow the Steps for successful account reconciliation so you can reduce the time spent of reconciliations and analyze the implications of your results.
- Rationalize the number of accounts.
- Establish a standard definition of “reconciled”.
- Perform a separate reconciliation for each balance sheet account.
- Establish risk-based criteria for the timing of account reconciliations.
- Facilitate faster identification of errors through timely reconciliations.
- Use a standard template / form.
- Require that supporting documentation be attached.
- Establish action plans for all reconciling items.
- Document approval for all account reconciliations.
- Report to management regularly on account status.
- Require action plans on delinquent reconciliations.
- Simplify and streamline financial systems.
- Maintain ERP transaction tables and account linkages.
- Automate reconciliations to be performed in a systematic manner.
- Establish clear ownership for each account reconciliation.
- Implement regular training programs.
- Perform peer reviews of account reconciliation techniques.
- Establish a quality control team
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