Hello Everyone
This is my first question on this group. Freind of mine is going to start his new job as an accountant in one bank, his responsibilty will be do the reconcilation there.
I have few question regarding this
1-What are the step to reconcile the books of accounts?2-Is there any special way of reconcilation in the banks?
I will really appreciate if anybody who has banking expereince will help my freind.
This bank is going towards their year end audit.
Happy New Year to Everyone
Bye
He will be responsible to do **THE** reconciliation? What does that mean? Every business I've worked for and every client has had more than ONE account to be reconciled.
"Reconcile the books?" What does THAT mean?
First, I suggest your friend ask these questions himself, as I suspect you don't understand the questions and won't be able to understand the answers or explain them to your friend.
Second, I'd like to know which bank. I'd like to be sure I don't have an account there, before he starts trying to reconcile it.
Happy New Year to you both, and everyone else.
On 1 Jan 2006 08:39:55 -0800, in alt.accounting "lost_canada" wrote in :
Is he new as an accountant or experienced?
Some. Banks do have a number of formal procedures that they train their staff on.
I'm sure your friend will be trained.
"lost_canada" wrote
Follow the bank's proceedures, to-the-letter. He (or she) will have a supervisor, ask them what to so, and how to do it.
The basic reconciliation steps are similar to any business. But - follow the proceedures outlined by the bank.
Aren't we all?
They probably wouldn't have hired him if they didn't feel that he had the basic requirements to do the job. My guess is that there are several areas he could be involved in - auditing and/or reconciling loan balances and application of payments to principal/interest; helping customers reconcile their own accounts; making sure the bank records are accurate. It's really hard for anyone to post feedback based on your questions for your friend.
If he's nervous, and that's why you're posting for him - buy him some calming tea, a bottle of aspirin, and a dr. grip mechanical pencil as a celebratory gift for his new job. :D
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