reconciliation

Bank reconciliation identifies discrepancies between the general ledger cash balance and bank statements by categorizing timing differences, tracking aging items, and documenting required adjustments to ensure financial records match supporting data.

Intercompany reconciliation compares internal ledger balances between entities to identify variances, then applies structured procedures for variance analysis, aging tracking, and escalation to resolve and document unreconciled differences.

Yes, this supports bank reconciliation and GL-to-subledger matching by comparing ledger balances against bank statements, subledgers, and third-party data to categorize discrepancies and guide month-end close variance resolution.

Reconciling items are categorized during financial close by distinguishing timing differences, required adjustments, and investigation items, then tracking aging and providing escalation guidance for unresolved account variances.

Yes, structured reconciliation procedures are required for variance analysis, aging tracking, escalation, and documentation of reconciling items to effectively identify and resolve differences between ledger balances and supporting financial records.