{"id":6565,"date":"2018-05-18T13:54:21","date_gmt":"2018-05-18T11:54:21","guid":{"rendered":"https:\/\/trabajaendireccionfinanciera.com\/?p=6565"},"modified":"2020-05-26T14:38:28","modified_gmt":"2020-05-26T12:38:28","slug":"accounting-reconciliation-audits-treasury-accounting-area","status":"publish","type":"post","link":"https:\/\/eiposgrados.com\/eng\/blog-direccion-financiera\/auditorias-conciliacion-contable-area-contabilidad-tesoreria\/","title":{"rendered":"Audits. Accounting reconciliation, accounting or treasury area?"},"content":{"rendered":"

When audit season approaches,<\/strong>\u00a0Companies are preparing to receive and welcome those who for a few days will be their most demanding and critical colleagues in the accounting exercise. They are responsible for carrying out\u00a0exhaustive management control<\/strong>that has been carried out in the previous year within the company, the main departments affected being accounting and treasury.<\/p>\n

And the economic-financial information of the entity went from being exclusive information of the partners to being information required by other social groups such as the Public Treasury, Suppliers, Consumer Associations... For this reason,\u00a0The company must have effective management<\/strong>\u00a0in order to comply with accounting valuation principles.<\/p>\n

The need to carry out an audit<\/h2>\n

The auditor\u00a0must be impartial<\/strong>\u00a0and review that accounting standards are met within the organization itself\u00a0issuing a favorable or unfavorable verdict<\/strong>\u00a0on the financial and patrimonial reality of the entity that has been audited.<\/p>\n

Some companies have their own internal audit department, others wait for the auditors to arrive and carry out their work of observing, controlling, and investigating those items that they consider most important, whether due to business volume, company mergers, portfolio management, etc. .\u00a0There are many types of audits<\/strong>\u00a0such as fiscal, technological, etc. But the one that companies fear the most is the accountant.
\nCash is the most important and delicate part of the company, this asset must be controlled and its manipulation must be effective for its proper use.<\/p>\n

Most of the time it is found in bank accounts, so the best way to control this asset is through accounting reconciliation. At the end of the month, the balance of these bank accounts does not usually coincide with the balances in the accounting accounts, so it is necessary to keep track of these differences and analyze the reason for these imbalances.<\/p>\n

What is bank reconciliation?<\/h2>\n

Bank reconciliation\u00a0It is an internal and routine procedure<\/strong>, that is, it is a\u00a0control tool that consists of verifying<\/strong>\u00a0that the records made by the company are also recorded by the bank, in order to verify that everything is correct and detect errors or omissions. This process is concluded when we achieve that the accounting balance, by adding and subtracting the differences, is equal to the bank balance.<\/p>\n

The\u00a0differences that occur\u00a0<\/strong>In bank reconciliation they can be of several types, mainly:<\/p>\n

    \n
  1. temporary,<\/strong> those that are not registered due to a matter of time (differences due to clearing or bank compensation)<\/li>\n
  2. permanent,\u00a0<\/strong>They refer to errors or omissions of both the bank and the company (bank charges, overdraft interest, etc.). In these cases, an adjustment entry must be made since, otherwise, the difference would remain.<\/li>\n<\/ol>\n

    When we finish comparing and detecting all the differences and mistakes, we must\u00a0prepare a document that supports the preparation of the conciliation<\/strong>, this is the Conciliation Document that must comply with certain standards for these audits:<\/p>\n