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Reconciliation Report with Stay In Balance™
Easily and quickly create an audit ready reconciliation report.
When properly completed, the report:
· Satisfies the requirements of an external audit by public
auditors
· Satisfies the requirements of Sarbanes-Oxley Section 404
· Retains historical transactional data for matching and
adjustments
How does the Reconciliation process differ from the Matching
process?
Matching
The matching process takes the unmatched records in both sets of
data (Bank and G/L), and attempts to match them based on certain
user-defined attributes such as amount and check number.
For the records which don't match, the system assigns each record
an exception code as to why it didn't match. Sample exceptions include:
· Bank amount differs from G/L amount
· Check cleared more than once
· Voided check, no record of issue
· Amount on voided check differs from amount originally issued
· Outstanding checkl
· Deposit in Transit
· Missing deposits
Reconciliation
Then takes the data that has been categorized by exception code
and reports based on it.
However, it doesn't merely list the unmatched records - as the unmatched
reports do. The unmatched reports can be run regardless as to whether
you are in-balance or out-of-balance.
The reconciliation report requires - and helps you - get into balance.
See the process below.
Gets you into Balance - How Stay In Balance™ works
The reconciliation wizard, using our trademarked Stay In Balance™
process - will get your account into balance - and will 'prove it'
by generating the report.
Never reconciled? Out of balance? Get in balance in three easy steps.
Note - You only need to run the Reconciliation Wizard once.
1. Start the Reconciliation Wizard - select the first reporting
period
2. Enter ending balances - both from your bank statement
and from your general ledger
3. Run the Reconciliation Report.
If you are out of balance - the system will automatically calculate
the balancing amount and make the entry. You have full control of
removing this amount later if needed.
Congratulations! You're in-balance. You can now view the Reconciliation
Report.
Staying in Balance - Future Period Reconciliations
For subsequent periods:
· import your bank and general ledger data,
· enter your bank statement and general ledger ending balances
· run the Reconciliation Report.
You will not need to run the Reconciliation Wizard again.
Reconciliation Reports are History-to-Date reports
Stay In Balance™ protects reconciled periods. Once an accounting
period has been reconciled, users cannot add or delete records to
that period.
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