ACCOUNT RECONCILIATION & MANAGEMENT OF SUSPENSE ACCOUNT

Tickets
From ₦ 145,125.00 to ₦ 220,375.00
× Tickets
Live-Online Training:
₦ 145,125.00 145125.0 NGN
Classroom Training:
₦ 220,375.00 220375.0 NGN

Live-Online Training: N145,125
Classroom Training: N 220,375
3 - 4 participants: 5% discount
5 or more participants: 10% discount

(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.
Date & Time
Wednesday
July 17, 2024
Start - 8:30 AM
Friday
July 19, 2024
End - 3:00 PM Africa/Lagos
Location

Tom Associates Training

5/7, Alade Lawal Street, Opposite Anthony Police Station, Off Ikorodu Road, Anthony Village,
NG-LA
Nigeria
+234 817 859 1654
+234 809 276 3968 | +234 810 365 2225
tomassociatestraining@yahoo.com | info@tomassociatesng.com
Get the direction
Organizer

Tom Associates Training

+234 817 859 1654
+234 809 276 3968 | +234 810 365 2225
tomassociatestraining@yahoo.com | info@tomassociatesng.com