Account reconciliation

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Account reconciliation

The reviewing and adjusting of the balance in a personal checkbook to match your bank statement.

Account Reconciliation

The process of ensuring that one's personal records of transactions on a bank account matches the bank statement one receives each month or quarter. That is, each time one writes a check, uses a debit card, or otherwise makes a withdrawal from or deposit into a bank account, one keeps a record of the transaction. Account reconciliation involves making sure that these records match the bank's of the same transactions. Account reconciliation helps avoid, or at least remedy, such problems as identity theft and bank errors.
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Attendees will leave each session with insight into how, by automating their account reconciliations, they can:
But they come up short in one important respect--automated account reconciliations that ensure a timely and accurate financial close.
Andrew Zimmermann, Financial Controller Alternatives Companies, Schroder Investment Management Limited, commented: "We selected BlackLine to help us automate account reconciliations, enabling us to manage our accounts accurately and cost effectively while maintaining high service quality and controlling operational risk.
Prior to 2007, all of our account reconciliations were done on paper with approval signatures required on the paper copies," says Brissette.
Account reconciliations are considered a critical key control for ensuring financial statement accuracy.
Because account reconciliations are so important under Sarbanes-Oxley, companies should adopt a continuous improvement process with the goal of reconciling all accounts before the post-closing adjustment review process.
We believe that adopting our proposal would benefit the government and taxpayers alike by substantially reducing the detailed, time-consuming account reconciliations that currently take place.
Finance manager from client company Hallmark to discuss benefits, cost-savings of automating account reconciliations globally
Clayton, global process owner for account reconciliations at DuPont Finance Service Center, will share the DuPont journey transforming its internal processes for account reconciliation using the BlackLine Financial Close Suite for SAP Solutions, an SAP-endorsed business solution.
So how do you accomplish the task of making account reconciliations an integral part of your company's key control process?
In other staff news, Rudy Katzenberger has joined FEI as a Staff Accountant responsible for membership accounting and budgeting, variance analysis and account reconciliations.
During the session, the co-presenters will discuss how automating traditionally manual accounting processes, such as account reconciliations, can virtually eliminate spreadsheets - and the errors/headaches that come with them.