Introduction

Accounts reconciliation is a fundamental account process that ensures the actual money in the form of transfers, cheques and other instruments matches the money leaving an account at the end of a month or fiscal period. This is especially important for businesses to inspect fraudulent activity and to prevent financial statement errors.
This DAWIB training delivers practical approach to accounts reconciliation and promises to Equip you with the top-notch skills needed to reconcile accounts and manage suspense items using excel and other practical tools.

 Objective

At the end of this training the participants will be able to:

• Reconcile accounts
• Perform bank reconciliation
• Discover and recover unintentional fraudulent activities
• Discover errors and wrong posting
• Analysis expense accounts and reconcile with bank
• Prepare bank reconciliation statement

Target Audience

Senior and junior accountants, accounting and finance professionals, chief accountants, accounting managers and supervisors and any accounting and finance professionals interested in learning and updating their knowledge on accounts and bank reconciliation

Course Outline

Significance of Account Reconciliation

• Correction of transaction mistakes
• Tracking fraudulent activities
• Problems with requisite accounting skills
• The Business and its Cash
• Double-entry bookkeeping method and reconciliation process
• Clarifying Account Reconciliation and Bank Reconciliation
• Finalizing Business Transactions
• Account balance as per the bank
• Account register as per general ledger
• Lag time between posting and ending balances
• The comparison process
• Bank Reconciliation Discrepancies
• Direct transfers
• Bank direct debits
• Bank own errors
• Unpresented instruments
• Dishonoured cheques
• Uncredited instruments
• Cashbook Errors
• Oversights
• Wrong figures
• Beneficiary mix-up.

Analysis of Revenue Accounts for Accuracy

• Analysis of Expense Accounts for Accuracy
• Analysis of Miscellaneous Balance Sheet Accounts
• Preparation of Reconciliation Statement
• Daily report
• Weekly report
• Monthly report
• How You can Use Technology
• How to do reconciliation in Excel
• Bank reconciliation worksheet.

Defining a Suspense Account

• Suspense Account as a Temporary Storage
• Payment with invalid or incomplete information
• In-transit transaction
• Pre-contract payment
• Unappropriated budget expense
• Transaction with legal contingent liability
• Transaction issues that prevent their normal posting
• Inferences on Suspense Account
• Weakens view on financial integrity
• It can be a control risk
• Demands quick clearance
• Clearing Suspense Account
• Track transaction items quickly
• Analyze by type of product
• Analyze by aging category
• Constant monitoring and reporting
• Special identification of high-risk suspense items
• Prompt reconciliation into the appropriate accounts
• Work on it with speed.