Control Account Reconciliations

Do you reconcile your control accounts regularly?  To quote one of my clients, this is a “bread and butter accounting function”, yet I still encounter sites where clients admit to rarely checking that their debtors, creditors and stock reports match their GL.

These reconciliations are vital to accurate financial reporting and should form the cornerstone of any balance sheet validations, right next to your bank statements.

MYOB Exo operates sub-ledgers for stock, debtors, creditors, where day to day transactions are recorded. During the GL posting process, these transactions are posted to general ledger.

Regular Reconciliation between the general ledger and sub-ledgers usually flushes out changes to your processes and will help you achieve consistent and accurate reporting.

If you are not reconciling your control accounts regularly then what is stopping you? There are standard Exo reports to assist with this function and it should form part of your End of Period process.

Kilimanjaro has documented standard End of Period processes. I encourage our clients to log into our website to download our End of Period Checklist. If you do not have a username and password for the website, please contact our Support team on 1300 857 464.