Nanonets

JUNE 23, 2023

This process is known as the financial close. Balance sheet reconciliation is a crucial step in the financial close process, serving as a vital control mechanism for organizations. Investigate Discrepancies Analyze the discrepancies found during the comparison process.

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Nanonets

FEBRUARY 28, 2024

GL Coding General Ledger Codes, or GL Codes, are unique alphanumeric strings that classify and record financial transactions within a company’s general ledger into corresponding GL account. Each GL account is associated with corresponding GL code. 💡 Consider a small café that buys a new espresso machine for $1,000.

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Nanonets

FEBRUARY 14, 2024

The result is a faster, more efficient close process that also saves up your time which can be better spent elsewhere. Reduce Risk of Fraud and Achieve Audit-Readiness : The granularity provided by GL codes offers an invaluable layer of security for businesses. This is typically found within the settings or system setup menu.

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The Finance Weekly

NOVEMBER 3, 2021

For both internal and external sources, each balance has to match the corresponding account in the general ledger. Inter-company transactions, currency exchange rates and various non-cash activities only complicate things in an already complex, time-consuming process. Adopting Superior Methods in 2021.

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Nanonets

JULY 24, 2023

Inaccurate reconciliations can result in penalties during audits, posing a risk to compliance and financial stability. Step 2: Compare The next step in the account reconciliation process is to compare all transactions recorded in your internal ledger with the corresponding entries in your bank statement or other financial documents.

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Nanonets

JUNE 24, 2024

Credit card reconciliation is essential as it helps businesses prevent fraud, maintain financial integrity, optimize spending, and keep the company's books audit-friendly during the financial close process , typically occurring at the end of each month. How to do Credit Card Reconciliation?

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FloQast

JANUARY 22, 2024

For example, grocery technology company Instacart moved from using Google Sheet checklists for month-end Close to an automated system that provided a complete audit trail of changes. The traditional method also has a lot of paper documentation to use as an audit trail. And the audit trail is also attached and quickly recovered.

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