Common Stock

This account reconciliation is an Equity account type and a List reconciliation type. This type of reconciliation allows you to make a list of the amounts that make up the account balance.

The Description shown above tells you that there really should be very little activity in this account. Certainly no entries should be posted by the division accounting staff unless there are specific directions from corporate. There are also instructions to the Division Controller about her responsibilities - review the account and confirm any activity with the Corporate Controller's Office.

Below is the reconciliation for this account for the month ended 12/31/2010.

The reconciliation has been Prepared, Approved and Reviewed as noted by the appropriate staff members. Below is the Reconciling Item for the account.

This item has an Open Date of 12/31/2008. This is when the company was acquired by Albany, Inc. There have been no entries in the general ledger since then, or if there have, they have been cleared out and put where they belong. This particular reconciling item would probably never clear from the account during the life of the company.

The month end report is shown here:

This particular account is reconciled with no Unidentified Difference. You can see that a Comment has been added specifically stating that there have been no changes in the balance since the acquisition date. Because the Comment area is specific to this 12/31/2010 reconciliation, it must be repeated each month. In this case, the controller wanted to show more specifically that the review had been completed and to re-affirm that no changes have been recorded.

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