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Reconcile outstanding accounts Assessment objective: To provide evidence that you can perform the tasks required for the following performance criteria and related performance evidence. 3
Reconcile outstanding accounts
Assessment objective: To provide evidence that you can perform the tasks required for the following performance criteria and related performance evidence.
Prepare reconciliation reports from cash journals to cash receipts
Identify any discrepancies between cash journals and bank statements
Refer discrepancies to management
Maintain general ledger system to reflect current credit situation according to organisational requirements
Demonstrate the following task.
Task
Reconcile the subsidiary ledger system with the cash journal or general ledger data.
BENCHMARKS
Reconcile cash journals eg:
compare cash journals to bank statements
refer unresolved problems to appropriate person
produce a reconciliation report
Reconcile financial schedules with the general ledger or subsidiary ledger eg:
rectify original journal entries if required
follow organisational procedures to escalate discrepancies
Produce reconciliation reports.
Please note that the answer does not need to relate to a particular organisations policies or procedures, just a general 'how to
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