General Ledger Reconciliation is a key part of the financial close process that is used to verify a company’s financial information before releasing it to the public on financial reports.
A successful business owner keeps a good track record of all their business transactions and it is based on this record that analysis is being conducted to gauge the health, success and risk factors of the business. An entrepreneur who wants to expand will be very keen to their records and all these is established in the “mother” G/L (General Ledger). This is the Bible of every business because whatever is not in the G/L is not considered to be in existence. We design and establish a professional general ledger based on your business needs where all entries are recorded and from which we use as basis to produce your weekly, monthly, quarterly and annually financial statements and reports.
G/L Reconciliation & Closing
Closing is also another very important part of your back-end business process. Legally and professional every business is required to perform a reconciliation and closing process. In accounting month-end-close is a process where all transactions for the current month/period is being reconciled before entering into a new month/period. This isn’t something we expect every business owner to know or to worry about, that is why we have gone a step further to put in place a closing schedule that will work for you.
What is the General Ledger Reconciliation Process?
This General Ledger Reconciliation process takes place after the end of a financial reporting period. Accountants go through each account in the ledger of accounts and verify that the balance listed is correct and accurate.
This involves comparing the general ledger account balance to information contained in other independent systems and sources of financial data, such as bank statements and credit card statements.
When discrepancies are found, accountants research, investigate, and take appropriate action to correct them. Corrective action may involve making journal entries to correct balance errors.
The research and investigation process is documented together with the corrective action, and all of this information is stored for audit purposes. The general ledger reconciliation process is a necessary step that must be completed before a company can issue financial statements.
ABS SOLUTIONS Account Reconciliations is designed to automate and streamline all aspects of the General Ledger Reconciliation process. It also adds proper controls to General Ledger Reconciliations.
This product is capable of importing data from almost any source, and is compatible with all major ERP systems. Rules for account balance certification are configurable and can be set based on account risk-profile.
Auto-certification capabilities dramatically reduce the manual tasks being performed by accounting staff, and free accountants to focus on analysis. When discrepancies do exist that require research, workflows route them to the account owner and put proper controls in place to ensure proper review and approval of reconciliations and to maintain required segregation of duties.
In addition, the product also contains customization templates, checklists, and integrated storage for supporting documentation to ensure that reconciliation processes are standardized throughout the organization. Centralized dashboards provide full visibility into the status of the reconciliation process.
ABS SOLUTIONS works together with the Account Reconciliation product when there is a need for automated high-speed analysis of transaction details within an account. This works by identifying transactions that do not match between systems, simplifying the reconciliation of accounts with high numbers of transactions.
When journal entries have discrepancies, ABS Entry integrates and automates this portion of the process.
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