Asset and Liability account reconciliations

The process of comparing internal financial records with external statements

• Preparation: Collect all relevant documents, such as bank statements, invoices, and internal ledgers.
• Comparison: Match the internal records with the external statements to identify discrepancies.
• Identification: Pinpoint the cause of any discrepancies, such as errors, omissions, or unauthorized transactions.
• Resolution: Adjust the records to rectify any identified discrepancies and ensure alignment.