Hi craig,

good luck tomorrow...

Matching up the quarterly bank statements is pretty much an exercise of ticking off the payments (and receipt) on the actual bank statement compared to the cash book in the accounts. reconciliation (as you know) means agreeing, so you are agreeing that what you have in the accounts is what you have on the bank statement. However, it will rarely match as there will be cheques written and sent that are in the cash book but have yet to be presented to the bank. Also there may be direct debits etc on the bank statement that have not been included in the cash book. So the closing balances will be different but these items should make up the difference. Do you know what software you will be using?

Also you will be reconciling the suppliers statements, ie what they say you owe to what appears on your ledgers. again it will either be a case of looking at the balance on the software and if it is different, ticking it off again.

On the sales ledger, you will be sending out a statement based on what you have on the ledger, ie invoices posted less receipts allocated. sending out these statements and chasing up overdue invoices is, as I'm sure you know, called credit control (sorry if I am stating the obvious).

hope that helps a bit,

Rob

Fantastic result Craig!