27/11/2025
Here are the 12 Reconciliations that determine whether your books are accurate, reliable, and audit-ready 👇
✅ 1. Bank Reconciliation
Confirms that company cash records match bank statements, essential for cashflow accuracy.
✅ 2. Inventory Reconciliation
Aligns physical stock with the system to prevent shrinkage, theft, and valuation errors.
✅ 3. General Ledger Reconciliation
Ensures GL balances match subledgers and supporting documents.
✅ 4. Intercompany Reconciliation
Corrects mismatches between related entities, critical for consolidation.
✅ 5. Payroll Reconciliation
Matches payroll reports with bank debit, statutory deductions, and employee records.
✅ 6. Fixed Assets Reconciliation
Validates asset register, depreciation, acquisitions, and disposals.
✅ 7. Tax Reconciliation
Ensures GST, withholding tax, PAYE, and CIT computations match general ledger records.
✅ 8. Petty Cash Reconciliation
Confirms petty cash usage aligns with vouchers and physical cash.
❇️ 9. Loan & Interest Reconciliation
Matches loan ledger with amortization schedules, interest charges, and bank records.
❇️ 10. Suspense Account Reconciliation
Clears unidentified transactions and prevents misstated balances.
❇️ 11. Supplier (AP) Reconciliation
Matches vendor statements with payable balances to avoid over/under payments.
❇️ 12. Customer (AR) Reconciliation
Aligns customer statements with receivable balances, crucial for cash collection.
