Hi Platinum,
I came across with a question which is "have you experienced in GL reconciliation, How far have you been exposed to GL reconciliation?".
In the training course, I just understood the theory of GL reconciliation, which is to make sure the data on B/S & P/L match the supporting documents, such as the bank statement, prepayment spreadsheet, invoices.
But what are the steps involved in GL reconciliation? How do you resolve the discrepancy? Do you need to make an adjustment in MYOB or you need to correct the figures in spreadsheet if necessary? how often do you do GL reconciliation? Do you need to run trail balance when you do the GL reconciliation?
Could you explain in details?
Sarah
I came across with a question which is "have you experienced in GL reconciliation, How far have you been exposed to GL reconciliation?".
In the training course, I just understood the theory of GL reconciliation, which is to make sure the data on B/S & P/L match the supporting documents, such as the bank statement, prepayment spreadsheet, invoices.
But what are the steps involved in GL reconciliation? How do you resolve the discrepancy? Do you need to make an adjustment in MYOB or you need to correct the figures in spreadsheet if necessary? how often do you do GL reconciliation? Do you need to run trail balance when you do the GL reconciliation?
Could you explain in details?
Sarah
Thanks for the questions Sarah
ReplyDeletePlease find a response to your questions:
(Q) What are the steps involved in GL reconciliation?
(A) Normally, we do the reconciliation for ALL GL accounts throughout the month end process. We will then allocate one day to document everything which is generally known as the last step of GL Reconciliation.
(Q) How do you resolve the discrepancy?
(A) There are different reasons for different accounts regarding the discrepancy. Take bank reconciliation for example, there can be many reasons that cause discrepancy. I would recommend you to check out our blog for the solution of solving variances during bank reconciliation process.
(Q) Do you need to make an adjustment in MYOB or you need to correct the figures in spreadsheet if necessary?
(A) The adjustment should always be done through either MYOB or the source of back up documentations. Excel spreadsheet only reflect the final result.
(Q) how often do you do GL reconciliation? Do you need to run trail balance when you do the GL reconciliation?
(A) We do payroll GL rec once every quarter. And bank reconciliation once a week. All the other accounts, we reconcile them once a month. You should always run trial balance during the GL rec.