BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the first step in the reconciliation process? Choose the correct answer.
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Communicate differences
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Collect data from different companies
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Present reconciled and non-reconciled data
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Explanation:
Detailed explanation-1: -The first step is to compare transactions in the internal register and the bank account to see if the payment and deposit transactions match in both records. Identify any transactions in the bank statement that are not backed up by any evidence.
Detailed explanation-2: -Data selection: the first step in the intercompany reconciliation process is data selection. This is an introductory step, in which you select documents across different SAP systems and clients and transfer the data to the reconciliation database.
Detailed explanation-3: -The Catholic sacrament of reconciliation (also known as penance ) has three elements: conversion, confession and celebration.
There is 1 question to complete.