List Reconciliation Type

This is the most used type of reconciliation and can be used for any type of account. It provides you a means to enter items that make up the ending balance in a Balance Sheet account. It can also be used for an Income or Expense account to accumulate information. Accounts that would most probably use a List reconciliation are:

• Petty Cash - even though this is an account that deals directly with "cash", the most appropriate type of reconciliation simply lists the details of who has how much money
• Items that are held for resale or for future use that are in an Inventory account
• Deposits - amounts paid to a vendor or supplier that you expect to be refunded at some future date
• Prepaid Expenses that are not amortizable - for example, Prepaid Rent where you pay the landlord on 7/31 for rent due on 8/1
• Accrued Expenses - amounts related to purchases that have not been recorded through the complete purchasing/payables cycle but should be recorded in the current accounting period
• Accrued Payroll - amounts payable to employees that were earned during the current accounting period but have not yet been paid because of the delay in processing payroll information
• Common Stock - the amounts originally paid in to the company when shares of stock were sold
• Retained Earnings - an accumulation of all the profits and losses of the company since it was formed (accumulated profits will have a credit balance, accumulated losses will have a debit balance)
• Miscellaneous Income - to keep track of items that do not normally fit in to your routine business operations and be able to explain in detail what these items are
• Gain on Sale of Assets - to identify specific assets sold and the proceeds on each sale
• Repairs and Maintenance Greater Than $10,000 (or whatever limit your accountant or manager wants to see) – to identify significant expenditures that may not be recurring in your normal operations
• Legal Expense - so you can identify what lawyers you have used during the year and what litigation may need to be reviewed by your accountant in auditing your books
• Bad Debt Expense and Write Offs – to keep track of customers that did not pay you so you can avoid them in the future

You can click on the appropriate link to see an example of the reconciliation.

Each Reconciliation Type has its own unique reconciliation report. Click here to go to the List Reconciliation Report to see what shows up on the end of the month report.

Each Reconciliation Type has its own specially designed input form. Click here to go to the List Reconciliation Input Form.

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