Book Keeping Task/Reconciliation

From PCSAR

The auditors for the 2014-2015 year noted: "All cash accounts should be reconciled at the end of each Bank Statement. This includes Casino and GIC accounts. All accounts should have a print-out proving reconciliations for each account, attached to the appropriate Bank Statement."

During the reconciliation process, don't just check the amounts. Also check (and if necessary correct) the date of the transaction.

Editing after reconciliation

Under normal circumstances, once a transaction is reconciled, it should not be further edited. Doing so can cause serious problems where the reconciliation is no longer valid, and it will take a lot of work to fix the problem. This one one of the major problems found during the 2016-2017 audit.