Workshop on Accounts Reconciliation: Best Practices

Program Overview:

This program 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.

For Whom:

Directors, 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

Program Objectives:

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

• define account reconciliation;
• gain comprehensive knowledge and skills to ensure all financial transactions are correct and complete;
• implement reconciliation techniques;
• acquire skills for reconciliation procedures and documentations;
• learn how to overcome problems often encountered in reconciliation processes; and
• prepare a reconciliation statement.

Course Outline:

Day 1: Introduction to Account Reconciliation: An 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

Day 2: Reconciliation Techniques

– Preparing required documentation

– Completing the analysis

– Retaining documentation

Day 3: Reconciliation Procedure

• Documentation 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

 Day 4: Reconciliation Problems

Suspense Accounts and Errors

• Errors of Commission
• Errors of Principles
• Errors of Original Entry
• Errors of Omission
• Compensations Errors

Day 5: Reconciliation Statement

• Reconciliation Record Keeping
• Documentation

Training Methodology

Lecture, discussion, case study, role play and exercises will be used to reinforce these learning methods.