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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But they come up short in one important respect--automated account reconciliations that ensure a timely and accurate financial close.
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.
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.