Accounts Reconciliation Services

Our account reconciliation service has been designed to cater to small and medium-sized enterprises. We help individuals and business entities with our wide variety of reconciliation services. Our experienced accountants are specialized to offer support for intercompany reconciliation, bank reconciliation, suppliers’ ledger reconciliation and customers’ ledger reconciliation. We help businesses to deal with legal issues and reduce the possibility of facing fraud and corruptions. Here are the details or our reconciliation services.

Intercompany Reconciliation

Intercompany reconciliation service is an important and time-consuming task. It is very difficult for a business to maintain intercompany reconciliation along with working on the books of account periodically with the available resources. Intercompany transactions refer to the transactions conducted between the branches and headquarters or sister companies.

However, if all the branches and sister companies use similar methods and tools for accounting and keep records of all transactions, the task may become easier. Some companies fail to work in that way and the lack of experienced accounts, communication and cooperation can pave the way for the discrepancy.

Information Required for Intercompany Reconciliation

• Account statement from books of account
• Account statement from branches headquarters and sister concerns
• Submission of documents like debit and credit notes, invoices, payment details, etc
• Copy of agreement papers entered by the mother and sister companies

Bank Statement Reconciliation

A company should perform the reconciliation of its bank accounts on time, as this will help the company to maintain and control the financial activities. Most of the companies use software for bank reconciliation. However, the software often fails to upload the bank statements and stall the process.

In such situations, the company has to think about doing it manually. However, the company can find it almost impossible to do everything manually if the number of transaction is huge, as the work needs time and expertise of the professionals. In such cases, outsourcing bank statement reconciliation service can be the right decision.

Suppliers Ledger Reconciliation

In most of the cases, companies maintain the task of data entry through accounting software. However, the task of reconciliation between the suppliers’ ledger and account statement submitted by the suppers becomes the hardest thing to digest for accountants.

If the volume transaction is huge and they are linked to returns, rebate and discounts, the process of reconciliation becomes more complex. In the following cases, the scope of reconciliation of suppliers’ ledger arises.

• To ensure that all the accounts of the suppers are credited with received invoices for the supplies they have already made
• To ensure that the purchases that have been returned are debited accurately
• To verify if discount or rebates have been received from the suppliers and they highlighted as debits or charges to the suppliers’ account
• To ensure that the purchase returns and discounts are adjusted while making paying to the suppliers.
• If the advanced has already been made to the suppliers, the accounting entries will be checked to ensure that all the transactions have been made properly. The same will be followed and adjusted against the bills or due before making the final payment to the suppliers.

Information Required for Suppliers’ Ledger Reconciliation

• Ledger statement of the suppliers
• Invoices submitted by the suppliers
• Customer’s debit and credit notes
• Copy of the agreements entered by the company and the suppliers
• Copy of bank statements
• Copy of suppliers’ ledger account
• Statement of accounts from suppliers

Customers’ Ledger Reconcili

This task is partly similar to the suppliers’ ledger reconciliation, and the task may also become complicated if the volume of the transaction is huge and lined to the factors like returns, discounts and rebates. In the following cases, the scope of reconciliation of suppliers’ ledger arises.

• To ensure that all the accounts of the customers have been debited accurately with the invoices generated for the product delivery.
• To ensure that the returns have been credited accurately to the customers’ account.
• To ensure if the discounts and rebates are given to the customers as per the terms and conditions.
• To make sure that when receiving the payment from customers, the discounts and sale returns are deducted accurately.

Information Required for Customers’ Ledger Reconciliation

• Ledger statement of the customer
• Customers’ invoices
• Debit notes provided by customers
• Credit notes sent for customers
• Copy of the agreements entered by the company and customers
• Copy of bank statements
• Copy of customers’ ledger account
• Statement of customers’ account