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Accounts reconciliation is the process of verifying an organization’s financial records and transactions in order to detect discrepancies, if any and to reconcile the same. Efficient bank account reconciliation is vital for auditors to determine the correctness of a company’s financial statements and to ensure compliance with regulatory/ statutory requirements.
Since accounts reconciliation services is an activity that requires painstaking effort and an eye for detail, it is best outsourced. If accounting reconciliation is not your core competency, why not consider outsourcing account reconciliation services to a financial expert like Alya.
At Alya, we have a team of experienced accountants who will interact with your accounts department to understand your bank account reconciliation requirements. After thoroughly understanding your requirements, we will devise a customized solution that will effectively address your needs.
At Alya, we have both expertise and experience in this area. Outsource accounts reconciliation to us and stay assured of error-free services.
Join our large clientele of accounts reconciliation customers and give your business a competitive edge. Contact us today.
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Use of the latest and advanced software for reconciliation services
Compare the amount of each deposit recorded in the debit side of the bank column of the cashbook with credit side of the bank statement and credit side of the bank column with the debit side of the bank statement.
Adjust the balance on the bank statements to the corrected balance.Deposits in transit are amounts that are received and recorded by the business but are not yet recorded by the bank.
Adjust the cash balances in the business account by adding interest or deducting monthly charges and overdraft fees.
After adjusting the balances as per the bank and as per the books, the adjusted amounts should be the same. If they are still not equal, you will have to repeat the process of reconciliation again.