Answer / Nidhi Srivastava

The processes of account reconciliation can vary depending on the accounts being reconciled, but generally include the following steps:

1. Gather necessary documents and statements, such as bank statements or invoices.
2. Prepare a worksheet for reconciliation that includes both the internal and external records.
3. Compare the internal and external records to identify any discrepancies.
4. Investigate and correct any identified discrepancies by updating either the internal or external record as needed.
5. Record the ending balance from the bank statement in the corresponding account in the internal system.
6. Document any findings, such as exceptions or corrections made during the reconciliation process.

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