Reconciliation
Reconciliation is the process of comparing two sets of financial records to make sure they match and all numbers add up correctly. It's like double-checking that your checkbook matches your bank statement. Bookkeepers and accountants do this to catch mistakes, find missing transactions, or spot unusual activity. This can involve matching bank statements with internal records, comparing credit card statements with receipts, or making sure accounts payable matches vendor statements. It's a crucial skill in bookkeeping because it helps maintain accurate financial records and prevent errors or fraud.
Examples in Resumes
Performed daily Reconciliation of bank accounts and credit card statements
Managed monthly Account Reconciliations for 50+ client accounts
Led team responsible for Bank Reconciliation and financial reporting
Streamlined General Ledger Reconciliation process reducing completion time by 40%
Typical job title: "Bookkeepers"
Also try searching for:
Where to Find Bookkeepers
Professional Associations
Online Communities
Job Boards
Example Interview Questions
Senior Level Questions
Q: How would you handle a complex reconciliation where the numbers don't match after multiple reviews?
Expected Answer: A senior professional should explain their systematic approach to investigating discrepancies, including breaking down transactions into smaller periods, checking for timing differences, reviewing transaction classifications, and documenting the investigation process.
Q: How do you manage reconciliations for multiple entities with different reporting requirements?
Expected Answer: Should discuss creating standardized procedures, using checklists, maintaining separate documentation for each entity, and ensuring compliance with different reporting standards while maintaining efficiency.
Mid Level Questions
Q: What steps do you take to perform a bank reconciliation?
Expected Answer: Should explain comparing bank statements with internal records, identifying outstanding items, adjusting for bank fees or interest, and ensuring all transactions are properly recorded and matched.
Q: How do you handle reconciliation discrepancies?
Expected Answer: Should describe reviewing transaction details, checking for timing differences, verifying proper transaction coding, and documenting any adjustments needed.
Junior Level Questions
Q: What is the purpose of reconciliation?
Expected Answer: Should explain that reconciliation ensures financial records are accurate by comparing different sets of records and identifying any differences that need to be investigated.
Q: What tools do you use for reconciliation?
Expected Answer: Should mention accounting software, spreadsheets, and basic understanding of comparing statements and transaction records.
Experience Level Indicators
Junior (0-2 years)
- Basic understanding of accounting principles
- Simple bank reconciliations
- Data entry and basic spreadsheet skills
- Understanding of accounting software basics
Mid (2-5 years)
- Complex account reconciliations
- Problem-solving skills for discrepancies
- Multiple account management
- Advanced Excel skills
Senior (5+ years)
- Process improvement and automation
- Team leadership and training
- Complex problem resolution
- Internal control development
Red Flags to Watch For
- Inability to explain basic reconciliation process
- No experience with accounting software
- Poor attention to detail
- Lack of problem-solving skills when discussing discrepancies
- No understanding of basic accounting principles
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