Statement of Accounts Reconciliation

The Statement of Account (SOA) is an authorized listing of all accounting transactions which have remained posted to an account. Statements are created on a monthly basis and mailed to the department by the Office of Accounting Services. Statements are only created when there has been activity on an account. If no transactions were administered during a month, the department will not receive a SOA.

The information of the SOA contains:

The Account Number, Account Title, and Address section comprises basic but critical information,
Name or Description: Payee’s name or a brief explanation of the transaction.
Dept No.: Commonly referred to as DTN (departmental transaction number). This is an internal document number allocated by the department that created the transaction. The Dept No. is used for following determinations. This column may or may not comprise information.
P.O. No.: Purchase Order Numbers (2008A12345) are allocated when handling a purchasing requisition document. Information other than P.O. numbers might appear in this column, such as a Request to Travel number.
Voucher No.: A Voucher Number is allocated to a transaction upon final approval. Each document is allocated a unique voucher number consisting of 7 digits: one alpha character surveyed by six numeric characters. The alpha character identifies the voucher type or transaction type used to generate the transaction.
Date: The date the transaction was recorded to the accounting record. It is commonly referred to as "record date" in *DEFINE.
Object Class: An object code is a 4-digit number used towards classify the accounting transaction for reporting purposes. Every transaction must have an object code
Balance Fwd: Balances carried forward from a preceding year are displayed in this column.
Transfer & Adjusting: Transfer of funds and adjusting entries are showed in this column.
Original Budget: The original budget and adjustments to the budget are displayed in this column.
Expenditure/Income: Contingent on the account type, expenditures or income entries are displayed in this column. Expenditures are shown as a negative amount; Income entries are displayed as a positive amount.
Enc/Inv: Contingent on the account type, Encumbrance or Investment entries are displayed in this column
Free Balance: The balance remaining in the account after each transaction is handled. It's determined by subtracting/adding the current transaction from the preceding free balance.
Object Code Analysis: This section offers a summary of all account activity detailed by object code (monthly and year-to-date balances are displayed).

Departmental account reconciliation is a comparison of the Statement of Account to subsidiary documentation maintained in the department. Supporting documentation may contain file copies of an approved voucher, copy of an invoice, copy of a receipt.

This control activity assistance to confirm the accurateness and extensiveness of the transactions posted to the departmental account. Accounting records and departmental records must be associated to confirm they are both correct.This procedure is necessary to confirm that expenditures charged and revenues collected by the department were appropriately approved and applied to the correct account. Any differences reveled by the reconciliation procedure should be modified.

We provide you the most updated Statement of Accounts reconciliation, so that you will be able to identify and fix accounting errors. You will be able to make sure that all sales records were recorded accurately.

The main benefits of working with Reconciliationaccounting are below:

Consistent Data Source – Reconciliationaccounting business give you consist and precise data which can be easily used for the benefits of the decision-making desires. This in turn guarantees competence in workflow and there is no expenditure of time.

Maximize your ROI: Reconciliationaccounting work give significant cost reduction and gives you high Return of asset.

High Superiority Work – Main benefits of Reconciliationaccounting work is to get high quality work as per your needs with reasonable rates.

Securities, Uniformity, Rapid growth, Speed, services and improve customer satisfaction, improved presentation, Backend effective work environment these are main goal of Reconciliationaccounting.

We work 24/7 days for more details feel free to contact us at any time you required.