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How to Reconcile Trial balance, Balance Sheet in monthly closing?

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Question ajoutée par Jawed Akhter , Accountant / Administrator , A Leading Construction Company
Date de publication: 2016/03/22
Yajna Sapkota
par Yajna Sapkota , Manager , Cooperatives organization

First of all get the ledger of all the accounts and maintain trial balance if it is not balance then try to find out the errors if it is not found then can maintain the suspense account. Likewise we can collect all the assets in assets side and capital and liabilities in the same side which will be equal.

NIZAM HUSSAIN MBA
par NIZAM HUSSAIN MBA , Financial Controller , GET Group Holding Limited

you can reconcile balance sheet items but in Tb as its included Balance sheet items and income statement accounts, in income statement items u r not reconciling instead u doing variance analysis comparing to last months or year expenses. easy way to reconcile the balance sheet items is to have schedule for each and every item. in details bank and supplier reconciliation, AP and AR ageing reports, schedule of accruals, prepayment schedule, related party confirmations, deposits schedules, FA schedules etc are a part of this you compare with system generated BS.. 

Jawed Akhter
par Jawed Akhter , Accountant / Administrator , A Leading Construction Company

Thanks Mr. Noman for your cooperation. 

Noman Rawalia
par Noman Rawalia , Chief Financial Officer , Sindh Integrated Emergency & Health Services

Now in today's Accounting systems / ERP some controls are placed in the preparaion of vouchers. the basic control is that the vouchers (Transactions) should be equal on both side (Debit=Credit) so the trial Balances in not unbalanced at any stage. this realy helps. Below are the steps that might be very helpful for the preparation of Financial statemetns.

Firstly balance the TB if it is balanced then the Balance will also be balanced.

Secondly review your balance sheet from business and accounting point of view.

makes changes and formulates a revised balance sheet.

 

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