When do you do Reconciliation?

When do you do Reconciliation?

Say you need to do reconciliation for the month of August, 31/08/2016 would be the last day of the month.

Q1. When do you do your Reconciliation? Do you do it on the last day of the month or a few days after the last day of the month? If you do it on the last day what if a few transactions sneaks through after you have done it because some Banks takes multiple days for the transaction to clear. Also what if as you are doing it (reconciliation) someone (a tenant) pops in and pays rent on the last day (31/08/2016).

Q2. What is the requirement in terms of law RTA and if auditor checks? What day should you do it on?

Q3. Say hypothetically, a few weeks later or months later, you found you have missed or made a mistake for one of the months. Do you go back to correct it and redo a new reconciliation for that month? If so would the tax invoice for the reconciliation be dated the date you did it on (which could be a new month or new financial year) or would the tax invoice date be for the month you are redoing. For example, right now it’s September, you released you made a mistake for the month of June and you redo reconciliation would the date of the tax invoice be 13/09/2016 or 30/06/2016? or is this hypothetical impossible because you wouldn't redo it?

 

I think reconciliation is up to the parliament to decide. It may include a constitutional amendment which would require a referendum.

 

1. Daily check then 1st of each month

2. Annually on anniversary of license renewal

3. That's the purpose of Q1 so it doesn't happen.

Trust accounting is serious business. Please don't treat it lightly.