Replicated Tickmarks
It’s so simple and makes so much sense. I hope you do this. In your account reconciliation, assign a reference number for each standard reconciling item and keep it the same from period to period.
For example: If schedule X is usually a supporting item, assign “A” to it. So the tickmark “A” will always reference schedule X in this reconciliation. This is great because:
1. If you usually see tickmarks A through F on the reconciliation, and this month there’s no F, chances are something is missing. A preparer or reviewer can look into that right away. Targeted review drives efficiency.
2. Bonus point: Create a basic legend in the corner of your rec that shows the tickmark assignment for each support item. Now if someone new prepares or reviews your reconciliation, he can look at this legend and quickly understand the make up of your standard reconciling items.
Thanks Dan for the idea!
The Back Office Mechanics Blog by Nancy Wu is licensed under a Creative Commons Attribution-Share Alike 3.0 United States License.
Comments are closed.