WHAT IS GL RECONCILIATION? WHAT YOU DO IN GL RECONCILIATION?
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Answer Posted / h.r. sreepada bhagi
For reconciliation, there should be at least 2 seperate set
of details, like Bank Reconciliation (Reconciliation of
Company's Bank book with the Statement of Company's A/c with
bank) of Creditors' or Debtor's A/cs reconciliation.
In Case of GL(General Ledger), it's scrutiny of transaction
entries to ensure their correctness for a/c classification
and information for future reference. it can be better
achieved by having 2 layers of staff - One creating the
vouchers and data entry and next higher level, verifying the
vouchers, data entry and authenticating the same. It will
ensure the correctness of the entries on regular basis &
same time during audit. (Scrutiny is detailed and complete
verification)
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