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1. Check that beginning balance are matching with the ending balance from the previous period. If the amount do not match, inspect the reason for the variance.
2. Examine whether the ledger statements from Income heads are having credit balances and expense heads are having debit balances, if they are unnatural with respect to their type inspect those ledger as there might be some wrong entries, adjustments and reversals.
3. For vendors, customers and banks we require their ledger statement to match with ours in order to find the variances. Always communicate, follow up and get their statement on timely basis and resolve the discrepancies or unequal balances.
4. Be familiar with accounting principles and company's accounting policies. Check the wrong entries, gather the information and pass the adjustment and reversals after getting rights from the department head.
Reconciling the General Ledger account vs the sub ledgers account & In order to verify that list of purchase ledger balances has been correctly extracted; we need to ensure that the total of the list balances should be equal to the balance of the Control Account.
1) GL balance should exactly match with Sub ledger balance.
2) whether all the transaction are posted in correct accounting period.
3) No unreconciled item.
Reconciling the General Ledger account vs the subledger account
mainly check the entries from TB closing balances, subsidiary books. whether it is posted right and proper head of accounts and correct period. if any amount showing credit in expense account and debit in income account should check and make it ensure.
Fist make sure whether opening balance is matching with the closing balance from the previous period. If the amount do not match, inspect the reason for the variance and GL balance should exactly match with Sub ledger balance. No unreconciled items.
Check the entries from the .closing balances,subsidiary books . whether it is posted on correct proper t head of accounts and correct period. The consolidation is correct.
1. To check that beginning balance are matching with the ending balance from the previous B.C. If the amount do not match, inspect the reason for the variance.
2. For vendors, customers and banks we require their ledger statement to match with ours in order to find the variances. Always communicate, follow up and get their statement on timely basis and resolve the discrepancies or unequal balances.
3. Be familiar with accounting principles and company's accounting policies. Check the wrong entries, gather the information and pass the adjustment and reversals after getting rights from the department head.
4. Examine whether the ledger statements from Income heads are having credit balances and expense heads are having debit balances, if they are unnatural with respect to their type inspect those ledger as there might be some wrong entries, adjustments and reversals.
Check and focus on the balances which are not present any of the two ledgers to be reconciled. Analyse the reasons for their absence and try to solve the issue
