How to Tackle Complicated Bank Reconciliations

CPE Credits: 
1
Session Time: 
Sunday, May 17, 2020 - 2:40pm to 3:30pm
Field of Study: 
Specialized Knowledge & Applications
Level: 
Intermediate
Description: 

In an ideal situation, bank reconciliation is a simple task completed regularly to sure consistency between the bank and a government's records. Most ERP systems even offer tools to help automate the process. However, bank reconciliation can also be quite challenge if your government makes payments from multiple systems, accepts payments at multiple locations and with various methods of tender, multiple cash collection points, or has inconsistencies in cash handling processes or if transactions are not accounted for correctly. In addition, for governments that don't regularly reconcile transactions or who have not for a long time, getting started can be daunting. In this session, speakers will discuss the many challenges and pitfalls of completing more complicated bank reconciliations, how to improve the process, and how technology can be used to both improve efficiency accuracy.