Do you regularly reconcile your accounts?
The reconciliation process is often overlooked, but as you appreciate, it is a vital part of any accounting function. It is important from an accounts perspective to run through this process every month as a way of double-checking to ensure the accuracy of your data. Even with strict controls in place, there is always the potential for inadvertent errors.
General tips for reconciling your accounts include (but are not limited to):
- Printing reports from the peripheral ledgers, such as Invoice & Credit Notes, Receipts/Payments and Adjustments
- Printing and reviewing your Debtors/Creditors reports
- Comparing your debtors/creditors balances with the respective Nominal Ledger Control accounts
- Bank Reconciliation
- Ensuring that any transactions waiting to be transferred have been processed via the relevant transfer routine in Nominal > Utilities.
- Run your period end processes once you are happy with the figures in your accounts (You must always take a backup before such processes).
It is also imperative to retain copies of any reports printed prior to any period end process so that they can be referred to at a later date if necessary.
Intsys Training can offer a dedicated training session to advise you on suitable reconciliation processes tailored to your requirements. For more information please contact [email protected]