Reconciliation Excel Model
Originally published: 27/08/2020 12:20
Publication number: ELQ-25692-1
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Reconciliation Excel Model

Transactions reconciliation with amount differences and no common keys available to it.

Description
Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Account reconciliation also confirms that accounts in the general ledger are consistent, accurate, and complete.

Account reconciliation is particularly useful for explaining the difference between two financial records or account balances. Some differences may be acceptable because of the timing of payments and deposits. Unexplained or mysterious discrepancies, however, may warn of fraud or cooking the books. Businesses and individuals may reconcile their records daily, monthly, or annually.

Incase where data has no common key attached to it and amounts are differing, there is extreme frustration found and a lot of manual intervention has to be done in order to reconcile it which consume a lot of days.

Key Limitation:
1. No Common ID Available which is generally lookup to reconcile
2. Amount Difference from one report to another. In my case it PKR 5-10 Rs but could be more and vary scenario to scenario.

Key Challenges
1. Amount has to be matched without repeatation and in contrast to its count coming in report.

I have made a model which overcomes all limitations and addressed the challenges mentioned above and allows you to reconcile data with 100% accuracy.

This Best Practice includes
1 Excel Template

Rahim Damani - Excel Expert offers you this Best Practice for free!

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Further information

To reconcile transactions with 100% accuracy and 0% Manual Intervention

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