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Best Practices for Account Reconciliation

Monthly Reconciliation Workflow​

  1. Timing: Reconcile accounts monthly, shortly after receiving bank statements
  2. Documentation: Keep digital or physical copies of bank statements
  3. Systematic Approach: Start with the largest transactions and work down to smaller ones
  4. Double-Check: Verify that all adjusting entries are properly categorized
  5. ##Troubleshooting Common Issues##

Large Unexplained Differences: When facing discrepancies, break down the reconciliation period into smaller segments.