What is Expense Report Reconciliation? in Ainslie, Australia Capital Territory
What is expense report reconciliation? Essentially, this process is done to ensure that expenses are in accordance with the company's general ledger. An accountant or financial controller compares primary documents to transactions to ensure the accuracy of each account. A small, one-person company might not need to worry about this process, but larger corporations have employees who spend on behalf of the business. Luckily, there are ways to streamline the process and reduce its time and cost.
First, you must select the credit cards to be reconciled. If you don't select all the credit cards, the application will result in an error message. If the fields are blank, the transaction data will be based on system defaults, and for the past 30 days. Once you have entered all of the necessary data, hit "Run Report" to run the report. You can also export the reconciled data to CSV or XML.
Once the user submits the expense report, the system will recognize it as an expense and post the credit card transaction data to the correct accounts. Depending on the bank's default policies, the return of transaction data is not complete if Due to State amounts have been paid back. As a result, you may end up with duplicate charges and other mistakes. The process of reconciliation is not particularly complicated, but it will save your finance team valuable time.
