All 23 Reconciliations questions
More in Reconciliations
How do you reconcile accounts receivable to revenue? What is a three-way reconciliation (e.g., for trust/client accounts)? What makes a reconciliation 'review-ready' for audit? How do you reconcile petty cash and expense floats? How do you deal with aged, unexplained reconciling items? How does reconciliation support the financial-close controls and audit? How do you reconcile cash across the bank statement, cash book, AR receipts, and AP payments? How do you handle timing differences in month-end reconciliations? How do you reconcile accounts payable to the trial balance and supporting sub-ledgers at consolidation? How do you reconcile a clearing/suspense account to zero at period-end?
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Accounts Payable & Receivable › Reconciliations

What is the account reconciliation process at month-end close?

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Answer

At close, balance-sheet accounts (AP, AR, bank, GR/IR, accruals, prepayments) are reconciled: the ending balance is substantiated with supporting detail, reconciling items are documented with owners and aging, and reconciliations are reviewed and signed off. This provides assurance the numbers are complete and accurate before financial statements are issued.
Real-world example Every balance-sheet account has a signed-off reconciliation with supporting schedules before the CFO certifies the close.

Common follow-ups: What makes a reconciliation 'clean'? | Why is sign-off/review important?

Aging Analysis Reconciliations Cash Application
All 23 Reconciliations questions