Accounts Reconciliation FAQS

Accounts Reconciliation FAQS

1.What is Reconciliation?

Reconciliations compare two set of accounts. It is usually the balance in two accounts to make sure that they are in agreement.
Suppose you have 2 types of balances A and B reconciliation is a process in which we compare if balances in A are equal to balances in B

2.What is debtor’s reconciliation?

It is the reconciliation of balances between branch to branch transactions or branch balances with Head office balances. For the transaction between the inter branch or with HO, usually there is postponement in info or communication, reconciliation is stress-free if you understand the transaction as the one branch is debtor and other is creditor(it depends on the transactions) and it will be alike to debtor reconciliation.

3.What is Full Reconciliation?

You provide us with data on checks issued and our automated system matches this info against checks clearing your account. You collect a full reconciliation report, including checks paid, outstanding items and exceptions. Reports are available via email and FTP.

4.What is Partial Reconciliation?

Eradicate the paperwork of routine reconciliation. You obtain a report of items paid that are sorted according to your instructions. We similarly offer a detailed summary of account activity and information on paid checks and stopped items. Delivery can be arranged to coincide with your reconcilement period.

5.What is Deposit Reconcilitiation?

Somewhat than establishing individual accounts for each business location, you can use Sovereign's deposit reconciliation service to provide a detailed listing of deposits by location into a single checking account.

6.What is the Definition Account Reconciliation?

Account reconciliation, well-defined as the process of assuring that bank statements equal what acompany expects from their internal accounting statements, is obligatory with each businessthat keeps financial statements. To explain simply, account reconciliations are making sure acheckbook balance matches bank statements. Taken to the next level, account reconciliationfinest practices contain collecting relevant account data like invoices, checking account balances, correcting these balances, finding discrepancies, controlling policy to prevent discrepancies, and more. Account reconciliation processes can be simple or extremely complex depending on the size and scope of a company.

1.1 Statement of Accounts reconciliation Faqs

1. What is the Nature of accounting reconciliation statement?

It is important for businesses to make sure their financial information is exact, complete and reliable. Among other tools used to accomplish this, preparing accounting reconciliations represents one of the more important ones. As a small business owner you might think that reconciliations are not such important, but tedious and time-consuming? Allow us to give you a few reasons that may change such awareness. First, preparing reconciliations on a regular basis assistancesconfirm that cash is not stolen from your business. Next, reconciliations serve as a means of classifying and fixing accounting mistakes (i.e., making sure all sales were recorded, etc.). Lastly, reconciliations can assist in finding un-posted bank transactions or bank errors.

1.2 Accounts reconciliation types FAQS

1. How many kinds of reconciliation are there?

There are, basically, four kinds of reconciliation.

  • Within the account itself
  • With an external account
  • With another account
  • Control account
1.3 Statement of Accounts (SOA) Reports FAQS

1.What does a Statement of Account tell me?

Besides energetic information, such as your name and Social Security number, the statement shows your six-month work period for purposes of establishing health and welfare eligibility, pension benefit accruals, and vacation-holiday cash.
The statement lists the names and account numbers of employers reporting hours for you and shows the month and year you worked those hours. There are three columns listing health and welfare hours, pension hours, and vacation-holiday amounts, in cash.

2. What should I do if there is amistake on the Statement of Account?

As soon as possible, review your statement cautiously. If you believe any info is improper, and that can be from the social security number to the number of hours reported, contact your Local Union Office. Your Local Union Office will work with the Fund Office to resolve any inconsistency.

3. Whatis Statement of account?

The statement of account is designed to be informative and easy to read and understand. The format is similar to a credit card invoice, allowing you to see any unpaid transactions or credits from the previous month, as well as your outstanding balance.

4.What must I do if I don't receive a Statement of Account?

If you worked throughout the six-month period and do not receive a statement, chances are we do not have your current address. Again, contact your Local Union Office who will assistance in confirming your correct address.
Alternative explanation could be that your employer has not reported your hours. Again, work with your Local Union Office in deciding this situation. Above all, confirm the information on this document.