Reconciliations

Reconciliation is an essential process in the maintenance of accounts.

Most of the time it is a relatively simple process but, when it is necessary to reconcile accounts generated in different applications and different formats it can become extremely arduous if the number of records is large.

It is possible to automate this process but it usually requires a purpose built application to reliably ensure a timely and accurate result.

The complication can increase exponentially when the account has not been reconciled for a long time and a large number of “junk” entries have accumulated.  In this case it is necessary to “clean up” the account before a reliable solution can be developed.  The catch 22 is that to clean up the account it is necessary to clear the routine entries.  In this case it is necessary to work in a very flexible way creating a fluid solution that can quickly change as the under lying workings of the account are revealed.  It can be a time consuming process but ultimately it will keep the auditors happy.