Month end reconciliation

While starting up you may begin with one simple Ledger, But as a company grows, Even modestly it is common to have multiple ledgers for various different operations and a general ledger summarizing them all It is necessary to cross-check the ledgers against one another and other records such as bank statements to ensure accuracy. This process of verifying the ledgers is called reconciliation. Reconciliation is carried out at the end of the financial year before closing the books, but monthly reconciliations are also quite useful for spotting any issues quite early one, making solving them easier. There are various kinds of ways in which the accounts are reconciled we shall describe a few basic here


Leave a Reply

Your email address will not be published. Required fields are marked *