Reconciliation of Control and Subsidiary Records

Reconciliation of Control and Subsidiary Records

 Enquire at branch the system of reconciliation followed.
 Whether any long outstanding debit entries are appearing in the reconciliation statement.

o If answer is positive, same should be reported.

Have the figures, as at the year-end, in the control and subsidiary records been reconciled? If not, the last date upto which such figures have been reconciled should be given under the respective heads, preferably in the following format:

Account	Date	General Ledger Balance (Rs.)	Subsidiary Balance (Rs.)	Last Date on which balanced

 

Inter-Branch Accounts

 Check for any entries not responded –

 Now a day’s CBS is implemented hence question of reconciliation of Inter – Branch Accounts does not arise at Branch.

(i) Does the branch forward on a daily basis to a designated cell/ Head
Office, a statement of debit/ credit transactions in relation to other
branches?

(ii) Does a check of the balance in the Head Office Account as shown in the said statement during and as at the year-end reveal that the same is in agreement with the Head Office Account in the general ledger?

(iii) Are there any outstanding debits in the Head Office Account in respect of inter-branch transactions?

(iv) Does the branch expeditiously comply with/ respond to the communications from the designated cell/ Head Office as regards unmatched transactions? As at the year-end are there any unresponded/ uncomplied queries or communications? If so, give details?

(v) Have you come across items of double responses in the Head Office Account? If so, give details.

(vi) Are there any old/ large outstanding transaction/ entries at debits as at year-end which remain unexplained in the accounts relatable to interbranch
adjustments?