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In: Accounting

What information is included in the Reconciliation Summary report?

 

What information is included in the Reconciliation Summary report? Based on the information in the report, how do department managers use this information for their own departments? What benefits does the report provide to these managers?

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Expert Solution

Reconciliation Summary report is a summarised reports containing various reconciliation statement like Bank Reconciliation Statement, Accounts Payable Reconciliation Statement, Accounts Receivable Reconciliation Statement, Ledger to Sub-Ledger Reconciliation Report, Inter-Company Reconciliation Report, etc

Since this reports contains various reports pertaining to the business of different departments, each department mangers uses theirs specific department reconciliation statement. For example, the cash section uses this report to identify the reason for the difference between the bank balance as per bank statement and the bank balance as per bank book.

This reports helps the managers to identify the reason for any difference in the same account balance between two books of accounts as this report provides a detailed statement showing the various transactions due to which there is difference in the same balance between books of accounts.


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