Account balances and Suspense reconciliation

Even in this era of computerized financial record keeping, account balance and suspense reconciliations continue to consume substantial accountants’ time at the expense of other routine and more productive activities. Our role as an outsourced service is to take up reconciliation of long running account balances and suspense carried in the general ledger and relieve the accountant of this tedious but important task that guarantees accuracy of account balances and safeguards the organizations’ assets. Among the accounts that we target with this service includes reconciling:-

1. The creditors/payables accounts to the suppliers statements.
2. Bank account balances to bank statements independently of the cashier.
3. The Debtors balances.
4. All assets and liability accounts as a basis for preparing periodic management accounts.
5. Sales accounts for correct VAT obligations.
6. Any other unknown balances that may be subject to Unclaimed Financial Assets Authority (UFAA) regulations.