Easily and quickly create an audit ready account reconciliation 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
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 check
· Deposit in Transit
· Missing deposits
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 account reconciliation report requires - and helps you - get into balance. See the process below.
Gets you into Balance - How Stay In Balance works
The account reconciliation wizard, using our trademarked Stay In Balanceâ„¢ 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 Account Reconciliation Wizard once.
1. Start the Account 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.
Staying in Balance - Future Period Account Reconciliation
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 Account Reconciliation Wizard again.
Reconciliation Statements 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.