Bank Reconciliation

Compare the GL cash balance to the bank statement balance.

Process:

1. Obtain the bank statement balance as of period end
2. Pull the GL cash account balance as of the same date
3. Identify outstanding checks (issued but not cleared at the bank)
4. Identify deposits in transit (recorded in GL but not yet credited by bank)
5. Identify bank charges, interest, or adjustments not yet recorded in GL
6. Reconcile both sides to an adjusted balance

Standard format:

Balance per bank statement:         $XX,XXX
Add: Deposits in transit            $X,XXX
Less: Outstanding checks           ($X,XXX)
Add/Less: Bank errors               $X,XXX
Adjusted bank balance:              $XX,XXX

Balance per general ledger:         $XX,XXX
Add: Interest/credits not recorded  $X,XXX
Less: Bank fees not recorded       ($X,XXX)
Add/Less: GL errors                 $X,XXX
Adjusted GL balance:                $XX,XXX

Difference:                         $0.00

Intercompany Reconciliation

Reconcile balances between related entities to ensure they net to zero on consolidation.

Process:

1. Pull intercompany receivable/payable balances for each entity pair
2. Compare Entity A's receivable from Entity B to Entity B's payable to Entity A
3. Identify and resolve differences
4. Confirm all intercompany transactions have been recorded on both sides
5. Verify elimination entries are correct for consolidation

Common causes of differences:

• Transactions recorded by one entity but not the other (timing)
• Different FX rates used by each entity
• Misclassification (intercompany vs third-party)
• Disputed amounts or unapplied payments
• Different period-end cut-off practices across entities

Reconciling Item Categorization

Category 1: Timing Differences

Items that exist because of normal processing timing and will clear without action:

• Outstanding checks: Checks issued and recorded in GL, pending bank clearance
• Deposits in transit: Deposits made and recorded in GL, pending bank credit
• In-transit transactions: Items posted in one system but pending interface to the other
• Pending approvals: Transactions awaiting approval to post in one system

Expected resolution: These items should clear within the normal processing cycle (typically 1-5 business days). No adjusting entry needed.

Category 2: Adjustments Required

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