Balance Sheet Account reconciliations
This query is : Resolved
27 June 2008
Please let me know what one means when he/she says "Balance Sheet Account reconciliations" are to be done?
27 June 2008
Balance Sheet Account Reconciliations:
Not all accounts are created equal. For some accounts, reconciliation means “agree the balance on the regular financial reports to a supporting system.” (A “supporting or subsidiary system” is a non- core financial system that is used internally by the dept. to keep track of transactions. It can be anything from a simple handwritten list or Excel spreadsheet to a Quicken-type program or even a larger system). In other cases, reconciliation means “provide a list of transactions that make up the balance and assure that all the transactions have been properly classified.” An illustrative list of the various types of accounts where reconciliation has to be made is provided as under.
For assets these include:
• Bank Accounts
• Accounts Receivables
• Pledges & Trusts Receivable
• Investments
• Land, Buildings and Equipment
• Gifts in kind, held for Liquidation
For liabilities these include:
• Accounts Payable
• Accrued Payroll
• Accrued Vacation & Benefits
• Taxes Payable
• Loans and Notes Payable
Not all accounts are created equal. For some accounts, reconciliation means “agree the balance on the regular financial reports to a supporting system.” (A “supporting or subsidiary system” is a non- core financial system that is used internally by the dept. to keep track of transactions. It can be anything from a simple handwritten list or Excel spreadsheet to a Quicken-type program or even a larger system). In other cases, reconciliation means “provide a list of transactions that make up the balance and assure that all the transactions have been properly classified.” An illustrative list of the various types of accounts where reconciliation has to be made is provided as under.
For assets these include:
• Bank Accounts
• Accounts Receivables
• Pledges & Trusts Receivable
• Investments
• Land, Buildings and Equipment
• Gifts in kind, held for Liquidation
For liabilities these include:
• Accounts Payable
• Accrued Payroll
• Accrued Vacation & Benefits
• Taxes Payable
• Loans and Notes Payable
27 June 2008
It also means agreeing of General Ledger with balance sheet and agreeing of aggregate of balances in subsidiary ledger with General ledger.
12 June 2011
Balance sheet account reconciliation as you asked in the question is not clear...if you are using tally software then all accounts reflected in tally is actually auto generated then no need of reconciliation of Tally Balance sheet with ledgers..however if you draft this same balance sheet in excel sheet as per TB generated by tally then each ledger presented in sheet must be tallied with tally ledgers... similarly if you use another software for accounting and you draft this same balance sheet in excel sheet as per TB generated by this software then each ledger presented in excel must be tallied with software ledgers
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- NON- SUBMISSION OF LLP FORM 3
- TDS related Query_Liquidated Damages
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- What is provisional receipt number for generation of form 16A
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Free lancer income
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
