ACCOUNT RECONCILIATION & MANAGEMENT OF SUSPENSE ACCOUNT
Registrations are closed
Live-Online Training: N145,125
Classroom Training: N 220,375
3 - 4 participants: 5% discount
5 or more participants: 10% discount
(Available also for Customised Training by Duration, Venue & Fee)
Course Contents
DAY ONE
Significance of Account Reconciliation
- Correction of transaction mistakes
- Tracking fraudulent activities
- Problems with requisite accounting skills
The Business and its Cash
- Double entry bookkeeping method and reconciliation process
- Clarifying Account Reconciliation and Bank Reconciliation
Finalising Business Transactions
- Account balance as per the bank
- Account register as per general ledger
- Lag time between posting and ending balances
- The comparison process
Bank Reconciliation Discrepancies
- Direct transfers
- Bank direct debits
- Bank own errors
- Unpresented instruments
- Dishonoured cheques
- Uncredited instruments
Cashbook Errors
- Oversights
- Wrong figures
- Beneficiary mix-up.
DAY TWO
Analysis of Revenue Accounts for Accuracy
Analysis of Expense Accounts for Accuracy
Analysis of Miscellaneous Balance Sheet Accounts
Preparation of Reconciliation Statement
- Daily report
- Weekly report
- Monthly report
How You can Use Technology
- How to do reconciliation in Excel
- Bank reconciliation worksheet.
DAY THREE
Defining a Suspense Account
Suspense Account as a Temporary Storage
- Payment with invalid or incomplete information
- In-transit transaction
- Pre-contract payment
- Unappropriated budget expense
- Transaction with legal contingent liability
- Transaction issues that prevent their normal posting
Inferences on Suspense Account
- Weakens view on financial integrity
- It can be a control risk
- Demands quick clearance
Clearing Suspense Account
- Track transaction items quickly
- Analyze by type of product
- Analyze by aging category
- Constant monitoring and reporting
- Special identification of high-risk suspense items
- Prompt reconciliation into the appropriate accounts
- Work on it with speed.