![]() ![]() Reconciling accounts on a regular basis can help to maintain an efficient process, reduce errors in the long run, and limit the stress of dealing with financial discrepancies. ![]() Contact the bank about errors that they appear to be responsible for, and keep an eye out for errors that you or an employee may have made. Resolve Discrepancies: Investigate any unusual or missing transactions to find the source of the issue and make corrections.If they don’t, look for any discrepancies between the bank statement and general ledger, which may occur due to bank errors or internal errors on the part of a company or individual. Identify Discrepancies: Once you have adjusted your ledger for outstanding transactions as well as fees and other charges, the two records should reconcile.Outstanding checks or deposits won’t appear on the bank statement, so your comparison also needs to consider these factors. When comparing a bank statement to an accounting journal, take into account service charges, interest, and other fees. You may need to collect more than one financial report or records of deposits and checks in order to get a complete view of transactions. Gather and Compare Records: Depending on the accounts you plan to reconcile, inspect and compare bank statements or subsidiary ledgers to a general ledger or personal accounting records.Here are the basic steps involved and the items to track as you reconcile accounts: Managing Work Collections of actionable tips, guides, and templates to help improve the way you work.ĭocumentation is important for all aspects of accounting, and organizations typically have reconciliation policies that must be followed, including due dates for submitting completed reconciliations.Solution Center Move faster with templates, integrations, and more.Events Explore upcoming events and webinars.Content Center Get actionable news, articles, reports, and release notes.Partners Find a partner or join our award-winning program.Professional Services Get expert help to deliver end-to-end business solutions.Technical Support Get expert coaching, deep technical support and guidance. ![]() Help Center Get answers to common questions or open up a support case. ![]()
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