Avoiding Management Letter Comments – Bank Reconciliations

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Performing monthly bank reconciliations should be a standard practice for your organization. Occasionally, something goes wrong and a management letter comment is issued. Some of the most common comments relate to stale checks, incomplete outstanding check lists, deposits in transit that don’t clear in a timely manner, and lack of approval of the reconciliation itself.

Stale checks – Stale checks are generally considered to be any checks still on your outstanding checklist that are over a year old. Organizations need to reach out to the payee of the checks to see why the check hasn’t been cashed. It maybe that …read more

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