(Available also for Customised Training by Duration, Venue & Fee)
Course Contents
DAY ONE
Significance of Account Reconciliation
• Correction of transaction mistakes
• Tracking fraudulent activities
• Problems with requisite accounting skills
The Business and its Cash
• Double entry bookkeeping method and reconciliation process
• Clarifying Account Reconciliation and Bank Reconciliation
Finalising Business Transactions
• Account balance as per the bank
• Account register as per general ledger
• Lag time between posting and ending balances
• The comparison process
Bank Reconciliation Discrepancies
• Direct transfers
• Bank direct debits
• Bank own errors
• Unpresented instruments
• Dishonoured cheques
• Uncredited instruments
Cashbook Errors
• Oversights
• Wrong figures
• Beneficiary mix-up.
DAY TWO
Analysis of Revenue Accounts for Accuracy
Analysis of Expense Accounts for Accuracy
Analysis of Miscellaneous Balance Sheet Accounts
Preparation of Reconciliation Statement
• Daily report
• Weekly report
• Monthly report
How You can Use Technology
• How to do reconciliation in Excel
• Bank reconciliation worksheet.
DAY THREE
Defining a Suspense Account
Suspense Account as a Temporary Storage
• Payment with invalid or incomplete information
• In-transit transaction
• Pre-contract payment
• Unappropriated budget expense
• Transaction with legal contingent liability
• Transaction issues that prevent their normal posting
Inferences on Suspense Account
• Weakens view on financial integrity
• It can be a control risk
• Demands quick clearance
Clearing Suspense Account
• Track transaction items quickly
• Analyze by type of product
• Analyze by aging category
• Constant monitoring and reporting
• Special identification of high-risk suspense items
• Prompt reconciliation into the appropriate accounts
• Work on it with speed.
