Reconciling the Cashbook to the Ledger

After reconciling a bank statement to the treasurer’s cash book, that cash book total must be reconciled to the accountant’s or auditor's ledger. If these records do not agree, the accountant should undertake the follow­ing procedures to reconcile them:

The treasurer must verify that transfers between trust (or other non-operating accounts) have been entered in both the treasurer’s and the accountant’s or auditor's books.

Also, the accountant must compare the total amount of monies essentially received with the amount recorded in the ledger(s) for the month. If these amounts do not agree, the treasurer must verify that the Treasurer’s Schedule of Receipts (end-of-month report to account­ant or auditor) agrees by detailed amount and classification with the cash book. If not, the treasurer has made a reporting mistake and must correct that mistake. In addition, the treasurer should compare the total amount of the warrants paid during the month with the total warrant amount recorded in the ledger(s) for the same period. The last warrant paid must be the last warrant recorded. Otherwise, a timing problem probably accounts for the discrepancy.

The accountant’s or auditor's cash accounts in the ledger should reflect only those cash transactions provided by the treasurer. Therefore, undertaking the above steps must resolve any discrepancies between the cashbook and the ledger. If they do not, the treasurer and accountant or auditor must go through each entry to the ledger until they determine the reason for any modification.

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