How can we do reconciliation in balance sheet. for example, we reconcile bank account with bank statement. how to do prepaid account? do we need to create a new excel spreadsheet from original invoice and then compare it with the amount in balance sheet? But some original invoice is missing. Also how can we reconcile GST liabilities or payroll liabilities? Do we need to compare the original payslip or bass form, but how can do it if some support document is missing, i only got figure from MYOB?
I just found a job last week and start to do BS reconciliation. There is quite a lot of unclear account. I need to reconcile those account for previous year financial statement. so I am just struggling with this. Could you give me a hand?