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AIN3701 Activity 1.1
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Activity 1.1 (non-gradable assessment) but will assist in completing the gradable assessment.
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AIN 3701Activity 1.1 (non-gradable activity)
1. Gather Information:
Collect the bank statement for the relevant period.
Retrieve the company's internal records of transactions for the same period.
2. Initial Setup:
Initialize two lists: one for transactions from the bank statement
(BankTransactions) and another for transactions from internal records
(InternalTransactions).
3. Data Parsing:
For each transaction in the bank statement, extract relevant information such
as date, description, and amount. Add these transactions to the
BankTransactions list.
Similarly, for each transaction in the internal records, extract date, description,
and amount, and add them to the InternalTransactions list.
4. Matching Transactions:
Compare transactions between the bank statement and internal records based
on date and amount.
For each transaction in the bank statement, search for a matching transaction
in the internal records. If a match is found, mark both transactions as
reconciled.
5. Reconciliation Process:
After matching transactions, check for any unmatched transactions.
Identify any discrepancies between the bank statement and internal records.
These could be due to timing differences, errors, or missing transactions.
6. Resolution of Discrepancies:
Investigate any discrepancies found.
Adjust the internal records or bank statement as necessary to resolve the
differences.
7. Final Review:
Review the reconciled transactions and ensure that all discrepancies are
resolved.
8. Documentation:
Document the reconciliation process, including any adjustments made and the
reasons for discrepancies.
9. Reporting:
Generate a reconciliation report summarizing the findings and the final
reconciled balance.
10. Feedback Loop:
Provide feedback to John on the reconciliation process, highlighting areas for
improvement or further assistance if needed.
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