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WHAT IS GL RECONCILIATION? WHAT YOU DO IN GL RECONCILIATION?
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Answer / h.r. sreepada bhagi
For reconciliation, there should be at least 2 seperate set
of details, like Bank Reconciliation (Reconciliation of
Company's Bank book with the Statement of Company's A/c with
bank) of Creditors' or Debtor's A/cs reconciliation.
In Case of GL(General Ledger), it's scrutiny of transaction
entries to ensure their correctness for a/c classification
and information for future reference. it can be better
achieved by having 2 layers of staff - One creating the
vouchers and data entry and next higher level, verifying the
vouchers, data entry and authenticating the same. It will
ensure the correctness of the entries on regular basis &
same time during audit. (Scrutiny is detailed and complete
verification)
| Is This Answer Correct ? | 32 Yes | 3 No |
Answer / lxmi1972
GL Reconciliation is nothing but to arrive the closing
balance from the opening balance by ascertaining the open
items which are so called"reconciling items"or "Open Items".
In GL Reconciliations, the open items are analysed and
need to be ensured for its genuinity. Else, we need to
follow up with the concerned source to remove or add them
into the books so as to arrive at the accuracy.
| Is This Answer Correct ? | 29 Yes | 2 No |
A reconciliation refers to the process of comparing records
of transactions for the period to actual transaction detail
that has been recorded.
Since data entry errors or other types of mistakes may
occur when information is entered from various sources.
It’s important to find them and make corrections after
certain time frame. Waiting until the end of the period /
year to research issues is not a good idea since there may
not be enough time to resolve discrepancies and process
correcting entries.
There are two types of financial data in common business –
1. Balance sheet which is consolidate statement of
financial position. This consist of Assets which are
resources owned by the business and are expected to benefit
future operations. Liabilities are debts represented in
future negative cash flow.
2. Income statement which is statement of activities.
Have Revenue which gives positive cash flow and Expenses
which gives negative cash flow.
Account reconciliations are an important component internal
control strategy which is specifically designed to reduce
risk and ensure the quality of financial statements.
Typically GL reconciliation follows double accounting
system meaning whenever you are debiting certain account
you should equally credit other account(s).
| Is This Answer Correct ? | 24 Yes | 1 No |
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