Reconciliation and open items

Reconcile bank and cash activity, then review receivables and payables before closing.

Check statements by account, currency and date. Match lines to business records and payout transfers. Investigate partial settlements, fees, duplicates and unmatched amounts.

For processor payouts, reconcile components and fees to the payout, then its transfer to the bank. Finalize reviewed statements and payouts where applicable.

Compare open items with original documents, credits and payment allocations. Investigate old balances and exchange differences. Prepare customer or supplier statements where needed.

A reconciled bank balance does not confirm every document allocation. Finish Tax review and returns and report checks before locking periods.