Reconcile outstanding accounts

Assessment objective: To provide evidence that you can perform the tasks required for the following performance criteria and related performance evidence.

$3\mathrm{.}1$ Prepare reconciliation reports from cash journals to cash receipts

$3\mathrm{.}2$ Identify any discrepancies between cash journals and bank statements

$3\mathrm{.}3$ Refer discrepancies to management

$3\mathrm{.}4$ Maintain general ledger system to reflect current credit situation according to organisational requirements

Demonstrate the following task.

Task $3$

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$\text{'}$