Balance Sheet Reconciliation Help


C

Charles

Does anyone out there have a specific checklist showing the methods needed
to reconcile each type of balance sheet accout, such as the supporting
documentation needed per account and so forth? If so could you please send
a copy to this email address (e-mail address removed) .

Thanks
I really do appreciate any help that I get.
 
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B

Bob

Charles said:
Does anyone out there have a specific checklist showing the methods needed
to reconcile each type of balance sheet accout, such as the supporting
documentation needed per account and so forth? If so could you please send
a copy to this email address (e-mail address removed) .

Thanks
I really do appreciate any help that I get.

I think you need to be more specific with this question, normally balance
sheet accounts have subsidiary ledgers and other documentation pertinent to
that account.
Do you have a specific general ledger account in mind ?
 
K

Ken Russell

The general rules are as follows;

1. Reconcile:
Eliminate differrences between subsidiary ledgers and the Balance Sheet.

2. Analyse & Verify:
Examine all accounts and ensure that entries are valid (e.g. not
mispostings) and are current. Pay special attention to brought forward
balances as they can sometimes be a bucket of worms.

The most common error I came across was that the account balance agreed with
the Balance Sheet, but there was little or no understanding of what the
entries in the account represented. The hardest thing for people doing
reconciliations to learn is that anyone can make accounts agree, but few can
do a thorough analysis and verification of the account contents.

Ken Russell
 
S

Shagnasty

Charles said:
Does anyone out there have a specific checklist showing the methods needed
to reconcile each type of balance sheet accout, such as the supporting
documentation needed per account and so forth? If so could you please send
a copy to this email address (e-mail address removed) .

Thanks
I really do appreciate any help that I get.
1. Reconcile the bank statement to the books by adding all deposits that
haven't cleared the banks and deducting all outstanding checks from the bank
balance.
2. Add Accouts Receivable by individual customer and reconcile to the Gen
Ledger Accts Receivable.
3. Do the same for any Notes Receivable.
4. Add Accounts Payable by individual vendor and reconcile to the Gen Ledger
Accts Payable balance.
5. Do the same for Notes Payable.
6. Take a physical inventory and reconcile to book inventory.
7. Do a similar inventory of fixed assets and reconcile.
8. Take two asprin and call your CPA in the morning.
 
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C

Charles

Thanks this really does help alot. It kind of gives me some guidance
because until now I've been kinda flying by the seat of my pants and hoping
that everything is done right. But in public accounting you are kind of
limited in that you can reconcile as good as the information received from
the client. I hate public accounting in that respect. Sometimes you know
that something is wrong but you have to suck it up and issue erroneous
statements because you don't have all the information.
 

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