Accounts Reconciliation Services
We have a team of accounting specialists who help the customers in their accounts reconciliation whether it is bank reconciliation, customers’ record reconciliation, supplier’s record reconciliation, inter-organization reconciliation or some other statements/ledger. We give the accounts reconciliation services to small and medium-sized businesses. This causes the company to dispose of lawful issues, to keep up the confidentiality of the basic information and to minimize the possibilities of extortion and defilements. The accounts reconciliation services cover the following:
1. Bank Statement Reconciliation:
Convenient reconciliation of financial balances is extremely indispensable to ensure appropriate control and adequate balance of assets in the organization. In a portion of the accounting software utilized by the organizations, there are possibilities for bank reconciliation inside the software. Regardless of whether the software helps to transfer bank statements, it cannot be naturally accommodated by software. In such cases, reconciliation must be done physically. Organizations having an enormous number of transactions (online exchanges, too many cash/check deposits and withdrawals, and so forth), which is hard for them.
2. Suppliers Ledger Reconciliation:
In spite of the fact that appropriate data entry is made through accounting software here and their reconciliation between the supplier ledger and the statement of accounts from the supplier is a bad dream for an accountant. At the point when the number of transactions is gigantic and the contemplations like limits, discount, returns and so forth likewise require, the reconciliation between the accounts turns out to be increasingly difficult.
- To ensure invariably all the suppliers accounts are credited with the invoices received for the supplies they made for.
- To see that purchase returns are properly debited in the suppliers account, for which either debit notes are raised against the suppliers or credit notes received from them.
- Ensure that normally while making payment to suppliers the purchase returns and discounts availed/received were adjusted against amount due for supplies. And the payments made to suppliers are properly debited in the concerned suppliers accounts.
- In case of advances made to suppliers, checking of accounting entries will be made to ensure that all the advance payment made to suppliers will be correctly accounted and before making final payment to suppliers the same have been adjusted against the bill/s due.
- If there is any adjustment (debit/credit) for price variation agreed with the supplier it will be ensured that the same has been adjusted before making settlement with suppliers for bills.
- Make sure the exchange difference is correct and accounted for.
- Suppliers Ledger statement
- Invoices received from suppliers.
- Debit notes issued to suppliers.
- Credit Notes received from the suppliers.
- Copy of Contracts/Agreements entered by the management of the company with suppliers.
- Copy of bank statements to check the installments.
- Account statements
Customers’ Ledger Reconciliation:
Like suppliers ledger reconciliation, client’s ledger reconciliation likewise becomes complicated if the number of transactions is more and extra contemplations, for example, discounts, rebates, returns and so forth are engaged with the agreement.
- Make sure all customers' books are billed by opening their invoice.
- To see the sales returns are properly credited in the customers’ account.
- Confirm whether the discounts given to customers or the terms agreed with them are correctly reflected in their books.
- In case of advances received from customers, checking of accounting entries will be made
- If there is any adjustment (debit/credit) for price variation agreed with the customers it will be ensured that the same has been adjusted only to the extent customers are eligible, for making the settlement with the company.
- Check whether there are any foreign exchange differences which were accounted properly as per the terms with the customers.
- Customers’ Ledger statement
- Invoices issued to customers.
- Debit Notes received from customers.
- Credit Notes issued to customers.
- Copy of Contracts/Agreements entered by the management of the company with customers.
- Copy of bank statements to verify the payments received from customers.
- Statement of accounts /Copy of ledger account from customers.
Reconciliation between organizations is likewise a big job for accountants. Inter organization transactions can be among headquarters and its affiliates or between affiliates.
- Statement of accounts from company books of account.
- Statement of accounts from the related party or branch.
- Documents such as invoices, debit notes, credit notes, payment details etc.
- Copies of company / branch related contracts / agreements.