1. Prepare Reconciliation Data
- ☐ Collect bank statements, credit card statements, GL detail, and subledger reports.
- ☐ Confirm the accounting period is complete and all transactions are imported.
- ☐ Export transaction detail from QuickBooks, NetSuite, or your accounting system.
- ☐ Review prior-month open reconciliation items before starting the current month.
2. Reconcile Cash and Bank Accounts
- ☐ Match bank statement activity to GL activity.
- ☐ Review deposits in transit and outstanding checks.
- ☐ Investigate unmatched bank feed transactions.
- ☐ Identify duplicate bank feed imports or duplicate payments.
- ☐ Confirm ending cash agrees to the balance sheet.
3. Reconcile Credit Cards and Payment Processors
- ☐ Match credit card statements to posted transactions.
- ☐ Reconcile Stripe, PayPal, Shopify, or other processor balances where applicable.
- ☐ Review processing fees and payout timing differences.
- ☐ Investigate unmatched or duplicated card transactions.
4. Reconcile Balance Sheet Accounts
- ☐ Compare each balance sheet account to supporting schedules.
- ☐ Review stale or unsupported balances.
- ☐ Identify old accruals that should be reversed.
- ☐ Confirm prepaids, fixed assets, payroll liabilities, AP, and AR agree to support.
5. Document Exceptions
- ☐ List all unreconciled items with owner, amount, age, and next action.
- ☐ Flag high-dollar or aging items for controller review.
- ☐ Save supporting documentation for audit and management review.
- ☐ Carry forward unresolved items into next-month review.