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.
Finance manager from client company Hallmark to discuss benefits, cost-savings of automating account reconciliations globally
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.
The BlackLine Financial Close Software Suite includes modules for Balance Sheet Account Reconciliations, Task Management, Journal Entry, Transaction Matching, Variance Analysis and Consolidation Integrity Manager.
While Cox has an Oracle E-Business Suite 11i financials and PeopleSoft payroll ERP backbone across 18 different field locations, each office had developed its own processes and formulas to perform balance sheet account reconciliations for the company's 30,000 accounts.
The Movaris OneClose solution is a comprehensive suite of financial compliance and close applications designed to reduce the risk of material errors while driving efficiencies into the Last Mile of Finance -- the series of tasks performed during account reconciliations, SOX compliance, and financial close that result in SEC filings and other critical disclosures.