Reconciliation is an accounting process. This process of accounting is used for comparison of two records’ sets. The comparison is done to ensure if the figures are in agreement with complete accuracy. These two sets which are recorded are basically balances of two accounts. Generally, one of the records is a bank account or financial account while the other record set is the accounting records. Thus, reconciliation is the accounting process with help of which we can ensure the records are in agreement. Reconciliation is an important accounting process as with reconciliation, one can ensure if the money leaving the account completely and accurately matches to the money which is spent actually. Reconciliation is done by ensuring that the balances match with each other at the end of certain accounting period. Reconciliation is the comparison process for the accounting transactions and the accounting activity to supporting the accounting documentation. If any discrepancies are discovered, they can be resolved by reconciliation. So, reconciliation is used to compare the information which exists in two systems or locations by analyzing the differences and making required correction in order to make the information complete in both the locations consistently.
It is important to reconcile the balance sheet accounts periodically. The balance sheet accounts should be reconciled to know if the items are correctly posted to the account. While reconciling the balance sheet accounts, all the funds must be included unless previous arrangements have been made. Reconciliation helps the company in identifying errors, irregularities and adjustments which are required for improvement. It is an important process with ensures the financial integrity of any organization. An effective reconciliation process includes the accuracy of the financial reporting. It allows the finance department to generate its financial reports confidently. According to the United States Sarbanes – Oxley Act of 2002, the account reconciliation of balance sheet has to be included in the own procedure of the company and the company should not rely on external auditing.
The reconciliation process ensures financial information to be valid and accurate. Further, reconciliation process ensures that the unauthorized changes have not taken place in the transaction processes. The most common type of reconciliation is the bank reconciliation. After completing the reconciliation, some other entries are added to the accounting records from financial statement for e.g. interest income or interest expense entries, fees etc. Now, there are many accounting softwares which have made reconciliation processes simple and easy. With help of proper reconciliation of account transactions, one can find the irregularities which can impact the financial integrity of the company. If any financial institutions have made any mistake, it can be examined by the original financial record. This is the best way to identify. Reconciliation is of great help when it comes to find the financial frauds in the company. If there is any transaction found fraudulent, the financial institution should be removed if possible. Reconciliation helps in knowing which transactions have been entered which have not been processed by the bank. These are known as deposits in transit and outstanding checks. If the deposit is made at the end of the statement period but if has not been recorded on the statement, this is normal and will be on the next statement. But if, at the beginning of the statement period, the deposit has been made and still it is not on the statement, then this is a case to be investigated. As the unprocessed deposits and unprocessed checks lead to fraud. Here, reconciliation is very important to find out such serious cases. Reconciliation gives real – time information about the close processes to the management. It focuses on the right people on the right activities.
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