Account Reconciliation and Management of Suspense Account

Account Reconciliation and Management of Suspense Account programme can run as an online or classroom training (Available also for Customised Training by Duration, Venue and Fee)

Course Contents

Day One

Significance of Account Reconciliation

• Correction of transaction mistakes
• Tracking fraudulent activities
• Problems with requisite accounting skills

The Business and its Cash

• Double entry bookkeeping method and reconciliation process
• Clarifying Account Reconciliation and Bank Reconciliation

Finalising Business Transactions

• Account balance as per the bank
• Account register as per general ledger
• Lag time between posting and ending balances
• The comparison process

Bank Reconciliation Discrepancies

• Direct transfers
• Bank direct debits
• Bank own errors
• Unpresented instruments
• Dishonoured cheques
• Uncredited instruments

Cashbook Errors

• Oversights
• Wrong figures
• Beneficiary mix-up.

Day Two

Analysis of Revenue Accounts for Accuracy

Analysis of Expense Accounts for Accuracy

Analysis of Miscellaneous Balance Sheet Accounts

Preparation of Reconciliation Statement

• Daily report
• Weekly report
• Monthly report

How You can Use Technology

• How to do reconciliation in Excel
• Bank reconciliation worksheet.

Day Three

Defining a Suspense Account

Suspense Account as a Temporary Storage

• Payment with invalid or incomplete information
• In-transit transaction
• Pre-contract payment
• Unappropriated budget expense
• Transaction with legal contingent liability
• Transaction issues that prevent their normal posting

Inferences on Suspense Account

• Weakens view on financial integrity
• It can be a control risk
• Demands quick clearance 

Clearing Suspense Account 

• Track transaction items quickly
• Analyze by type of product
• Analyze by aging category
• Constant monitoring and reporting
• Special identification of high-risk suspense items
• Prompt reconciliation into the appropriate accounts
• Work on it with speed.