Comparison: The process of examining financial information for similarities or differences.
Reconciliation: The process of comparing information that exists in two systems or locations, analyzing differences and making corrections so that the information is accurate, complete and consistent in both systems or locations. For departmental purposes, the process includes comparing the supporting documentation retained by the department to the information recorded in the Account Reconciliation Application.
Review: The process of examining financial information for accuracy and reasonableness. If determined to appear inaccurate or unreasonable, further investigation is warranted.
Verification: The process of examining information contained in an account, report or system to ensure that it is accurate and complete.
Internal controls: The practices performed by departments to provide management with reasonable assurance that assets are safeguarded and transactions are authorized, valid, complete and accurate.
Segregation of duties: The concept of having more than one person required to complete a task. To create a good segregation of duties, the individual steps of a task that should be separated between multiple employees include authorization, custody, record keeping and reconciliation.
Developed by Blair Flicker, FlickBooks is a Excel-based tool to assist you in your monthly cost center reconciliations and more.