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?
Thanks
Shirley
Hi Shirley,
ReplyDeleteCongrats 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.
Regards,
Florian
An ACCOUNTING invoice template normally contains several name and address of the organization, unit cost, total costs, costs inclusive and exclusive of VAT, banking details, and signature.
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