Respuesta :
Account reconciliations are tasks carried out by accountants to verify that the general ledger account balance is comprehensive and accurate, usually at the conclusion of an accounting quarter.
So when the Accounting team automates Account reconciliations, they often compare an account's general ledger balance to external systems, third-party data, or other supporting records to verify the balance reported in the general ledger.
What Procedures Are Followed for Account Reconciliation?
The process of account reconciliation is often completed following the end of a financial period:
- Accountants check the accuracy and completeness of the balances stated for each account in the general ledger of accounts.
- This entails checking the balance of the general ledger account with external systems, data from third parties, or other supporting records, such as a bank, and credit card bills.
- When inconsistencies are discovered, accountants look into them and make the necessary correction.
- Conduct an audit.
- A corporation cannot release financial statements or certify the accuracy of its financial data until the account reconciliation procedure has been completed.
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