The purpose of an account reconciliation is to confirm that the account balance is accurate, valid, and complete. A reconciliation needs to compare the General Ledger account balance with an outside source. Any outstanding items (unmatched) should be researched to determine if an Adjusting Journal Entry (AJE) is necessary.
WHO IS EXPECTED TO COMPLETE RECONCILATIONS
Example: Use Tax Account Reconciliation
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Example: Bank Account Reconciliation
Account balance for the bank account is as follow:
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Account Reconciliation Template:
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Each account balance is subject to a reconciliation, below While Finance prepares most reconciliations in accordance with the timetable below, some Departments have responsibility for preparing reconciliations. Finance will reach out to Departments who should be preparing reconciliations and is happy to provide additional training where required.
Below lists the expected reconciling frequency for different account types.
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Refer to which GL accounts belong to each FS Financial Reporting Line Item in the file below:
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