List some steps for reconciliation process at account level?
Submitted by: AdministratorThe reconciliation process at the account level typically comprises the following steps:
☛Beginning balance investigation. Match the beginning balance in the account to the ending reconciliation detail from the prior period. If the amounts do not match, investigate the reason for the variance in the prior period. If the account has not been reconciled for some time, it is possible that the error lies several periods in the past.
☛Current period investigation. Match the transactions reported in the account within the period to the underlying transactions, and adjust as necessary.
☛Adjustments review. Review all adjusting journal entries recorded in the account within the period for appropriateness, and adjust as necessary.
☛Reversals review. Ensure that all journal entries that should have reversed within the period have been reversed.
☛Ending balance review. Verify that the ending detail for the account matches the ending account balance.
Submitted by:
☛Beginning balance investigation. Match the beginning balance in the account to the ending reconciliation detail from the prior period. If the amounts do not match, investigate the reason for the variance in the prior period. If the account has not been reconciled for some time, it is possible that the error lies several periods in the past.
☛Current period investigation. Match the transactions reported in the account within the period to the underlying transactions, and adjust as necessary.
☛Adjustments review. Review all adjusting journal entries recorded in the account within the period for appropriateness, and adjust as necessary.
☛Reversals review. Ensure that all journal entries that should have reversed within the period have been reversed.
☛Ending balance review. Verify that the ending detail for the account matches the ending account balance.
Submitted by:
Read Online General Ledger Job Interview Questions And Answers
Top General Ledger Questions
| ☺ | What experience do you have with general ledger? |
| ☺ | What is the difference between ledger and general ledger? |
| ☺ | Explain cost sheet-orientation and understating of problems? |
| ☺ | how strong in finance? justify sensex is the backbone of national income? Assume that you are going to merge one company? what are the steps are u taken? |
| ☺ | Explain What is about Future Period and Adjustment Period? |
Top Business and Economics Categories
| ☺ | Taxation Interview Questions. |
| ☺ | Economics Interview Questions. |
| ☺ | Accounts Receivable (AR) Interview Questions. |
| ☺ | General Ledger Interview Questions. |
| ☺ | Fixed Assets Interview Questions. |
