Reconciliation Services
Reconciliation is an accounting process which uses two sets of records and match them to ensure that figures are correct and in agreement. Both records should balance in end with few reconciliation items which are identified and can be closed
The basic purpose of reconciliation is to provide accuracy and consistency in books of accounts.
Reconciliation is particularly useful for explaining the difference between competing financial records or account balances. Some differences may be acceptable due to the timing differences of payments and deposits; unexplained or mysterious discrepancies may be signs of theft, fraud or false book keeping.
Features
26AS Reconciliation: Form 26AS is the summary of TDS which has been deducted by Vendors and paid to Govt., than TDS return is filed to reflect those. It is recorded as TDS receivable (Current Asset) in books of accounts. 26AS Reconciliation is very important as it will make sure that TDS which is deducted by Vendor is deposited
Vendor Reconciliation: Vendor reconciliation is reconciling of Vendor outstanding balance in Vendor books of account and in Company books of account, closing balance of both parties should match with few reconciliation items which can be identified and closed.
GST Input Reconciliation: GST Input Reconciliation is reconciliation of GST Input Paid and amount which has been deposited and shown in return by Seller against our GST number.
Revenue Reconciliation: As accounting is done through Double Entry System, so It can be tracked where revenue earner has been disbursed in form of expenses. It would provide clear picture of where revenue earned has been spend.
Bank Reconciliation: A bank reconciliation is the process of matching the balances as per Bank Ledger in Books of account with Bank Statement, it will help in ascertaining the differences between the two and to resolve them.
Stock Reconciliation: Stock Reconciliation is the process of counting, verifying and evaluating stock-in-trade it is done at specific period end(Monthly, Quarterly, Annually etc.) , variation with Stock as per books and actual stock is noted and reasons for them can be found out.
Process One
On boarding
Process Two
Checking books of account
Process Three
Check Reconciling Item
Process Six
Final Reconciliation
Process Five
Reasons for Variation
Process Four
Prepare A Draft Report
Documents Required for Reconciliation Services
Required Document would be communicated while finalization of scope of services.