McTimothy Associates

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Accounts Reconciliation: Best Practices Workshop

Why Attend

This program on Accounts Reconciliation focuses on the importance of account reconciliation for detecting fraud and balance-sheet accuracy. Doing it right requires the proper training. Many organizations train new employees on how to reconcile accounts with old, tired methods because “this is how it’s always been done.” Whether this is positive or negative depends on how much emphasis is placed on what a good reconciliation should be.

Good account reconciliation reflects five main characteristics: Assessment of the validity, correctness, and appropriateness of the account balance. At a specific, verifiable point in time, documented by relevant calculations and clear and complete explanations, with copies of supporting documents, and in compliance with company policy.

$ 900.00

Event Date: 12/03/2024 – 14/03/2024

Total:

More Dates

10/09/2024 – 12/09/2024

Price: $ 141.41

10/12/2024 – 12/12/2024

Price: $ 141.41

Course Objectives:

At the end of the program, participants will be able to;

  • Define accounts reconciliation.
  • Gain comprehensive knowledge and skills to ensure all financial transactions are correct and complete.
  • Implement reconciliation techniques.
  • Acquire skills in reconciliation procedures and documentation
  • Learn how to overcome problems often encountered in reconciliation processes
  • Prepare a reconciliation statement. 
  • Target Competencies
  • Attaining accuracies of entries
  • Verification of Bank balances
  • Conforming to governance requirements
  • Analytical reviews
  • Implementing controls in business cycles
  • Analyzing controls and recommending improvements

For Whom:

Financial Controllers, Heads of Finance, Finance Managers, Auditors, Accountants, Reconciliation Managers/Staff, Bank Officers, and others who perform related functions/who want to update their knowledge and skills in Accounts Reconciliation

Course Contents:

Reconciliation Overview

  • Definition of Accounts Reconciliation
     Process, Policy and Procedures
  •  Importance of Accounts Reconciliation
     Issues/Challenges of Accounts Reconciliation
  • Accuracy of entries in the Book of Accounts
  • Verification of Bank Balance
  • Mechanism of Internal control

Reconciliation Techniques

  • Preparing required documentation
  • Completing the analysis
  • Retaining documentation

Reconciliation Procedure

  • Documentation review
  • Analytics review
  • Cash Management Analysis
  •  Reconciled Payments
  •  Reconciled Receipts
  •  Miscellaneous Transactions
  •  General Ledger
    Accounts Payable and Receivable
     Invoices and Memos
  •  Payment and Receipts
  •  Customers and Suppliers
  •  Bank Reconciliation
     Outstanding Payments
  •  Deposits in Transits
  •  Balance per Bank Statements
  •  Bank Charges
    Fixed Assets
  •  Additions/Disposals
  •  Depreciation
     Assets Categories
  • Analytics review

Reconciliation Problems

  • Issues with reconciliation
    Suspense Accounts and Errors
  • Errors of Commission
  • Errors of Principles
  • Errors of Original Entry
  • Errors of Omission
  • Compensations Errors

Reconciliation Statement

  • Reconciliation Statement
  • Preparing your report
  • Reconciliation Record Keeping

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