Balance sheet reconciliations
Balance sheet reconciliations are performed monthly to ensure transactions are timely and accurately reported.
The purpose of the process is to identify, track, document and explain transactional differences between the general ledger and sub-ledger balances and other independent sources and, to identify and guard against fraudulent activites and minimise losses.
Contact the Financial Accounting team in Corporate Finance if you have questions about balance sheet reconciliations.
2. Complete the reconciliation
Relevant financial staff will complete the reconciliation ensuring that balances in accounts are supported by documentation obtained from outside the general ledger including:
- sub ledger systems such as accounts receivable, fixed assets and accounts payable
- third party source documents such as bank statements and supplier statements
- independent calculations such as accruals
- analysis showing manually tracked items.