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Reconciliations can be given different FREQUENCIES. This allows for the FLEXIBILITY in the workloads and completing reconciliations on a NEEDS basis.

You can certainly assign all the reconciliations to be MONTHLY or perhaps you need to only complete some QUARTERLY, HALF YEARLY OR YEARLY. Working smarter and not harder.

Assign the frequency as it suits your BUSINESS needs.

Different frequencies allow you to ensure reconciliations are completed as often as required. High volume reconciliations may need completing monthly to ensure timely follow up with departments or third parties. Other frequencies can be assigned to accounts that may not warrant monthly attention.

CONSIDERATION should always be given to each reconciliation based on Turnover, Materiality, Volume of Transactions and Account History. Each individual reconciliations frequency should consider the potential for errors and risk of misstatement for reconciliation before assigning the appropriate frequency.

 

FREQUENCY