Topics in AccountsScheme of work, Financial Accounting, SS1, Third Term Scheme of work, Financial Accounting, SS1, Second Term Scheme of work, Financial Accounting, SS1, First Term Bookkeeping and Accounting: Importance of Booking, Differences between Bookkeeping and Accounting Journal - Contents, Format, Characteristics and Advantages of Journal Bank Wire and Wire Transfer - Cyber threats to Wire Transfer Chart of Accounts Meaning, Importance, Processes, Examples and Steps in Balance Sheet Reconciliations
Academic Questions in Accounts
To begin with, Reconciliation is the process of matching, comparing and agreeing information that exists in two locations.
Balance Sheet Reconciliations is a process of comparing the amounts on a balance sheet general ledger accounts to the details making up those balances, so that all their details agree or match.
Below are some recommendations to follow during Balance Sheet Reconciliations:
Below are some reasons why we should reconcile Balance Sheets:
- Payroll liabilities
- Accounts receivable
- Accounts payable
- Accrued liabilities
- Prepaid expenses
- Fixed assets
- Loans, Tax, Mortgage and other debt
- Compare the title and description of the account.
- Make sure that the appropriate date(s) are used.
- Ensure that the reconciliation supports the balance of the general ledger.
- Always review unidentified differences.
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Amazing facts in Accounts
It is believed that Bookkeeping is the only English word to contain three sets of double letters repeatedly.please read our article on bookkeeping vs Accounting here
NOTABLE POINTS IN Accounts