Wednesday 16 May 2012

Balance Sheet Reconciliation

Hi Platinum:

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? By the way, thank you for the training, it will be useful in my job. Wishes you well 

Regards

Shirley

1 comment:

  1. Hi Shirley,

    Congrats on your new role and also thanks for sharing the good news. Please see the comments below regarding your questions:

    (Q)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?
    (A)The procedure you mentioned is correct. Please refer to the prepayment excel template we went through in our training;

    (Q)But some original invoice is missing.
    (A)You still will have to find a way to locate the details, probably just search through the transactions saved in MYOB.

    (Q)Also how can we reconcile GST liabilities or payroll liabilities?
    (A)Please review your BAS module contents. Both GST and payroll liability will have to match the BAS details your company lodged to ATO.

    (Q) 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?
    (A) You can match it with ATO record. You should have the correspondence letters sent by ATO.

    Good luck in your role.

    Regards,
    Florian

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