USA Reconciliation discrepancy


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Hi all, imagine that I'm an online bank that provides its customers with traditional banking services (bank account, debit/credit card, and some investment products):
  1. What could lead to my sub-ledger and general ledger having a discrepancy?
  2. If that discrepancy is between the customer business sub-ledger and the GL, how can I approach a reconciliation project to solve it?
  3. And which controls can I implement to avoid facing this again in the future?
Thank you!
 
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kirby

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You know they do not balance as of day x. So check balances on day x-1 to see if error also appears there. Keep going backward until the balances agree. That will show you the day the error occurred. Then research that days detail entries to see why this happened. Also check your gl suspense accounts to see if the entry went there. In particular, check the detail entries for an incorrect posting date or incorrect effective date.
 

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