Accounts Reconciliation Strategies and Management of Suspense Accounts

Unreconciled items and suspense accounts have inevitably become rampant in the accounting systems of most corporate organizations. They arise due to mistakes in handling day-to-day transactions, lack of adequate accounting knowledge, poor work attitude, fraudulent activities or a combination of these and other factors. Unreconciled items definitely affect the corporate financials adversely and, in many cases, result in statutory provisions that erode the profit/surplus of the corporate organization in the public and private sectors.

CONTENT:

Accounting framework

– Accounts Code

– Suspense and Error Accounts

Reconciliation Techniques

– General Ledger

– Sorting and Matching

– Account Reconciliation Policy

Cash Reconciliation

– Cash Deposit

– Cash Receipts

–  Petty Cash Fund

Reconciliation Types

– Inter Branch and Inter-Company Reconciliation

– Transfer Pricing and Reconciliation

Bank Reconciliation

– Uncredited Item

– Unpresented Cheques

– Bank Charges

– Credit Transfers/Direct Credits Software for Reconciliation

– System Requirements

– Entry of Data and Information

Fraud Activities in Accounts Reconciliation

– Managing the excesses

– Balancing the books

FOR WHOM:

Accountants, Treasurers, Auditors, Reconciliation Officers, Finance Managers and others who

Perform related functions.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.