Balance-sheet reconciliations and review
Prove every balance-sheet account against independent evidence, not just the bank: prepayments, accruals, payroll and tax liabilities, loans and clearing accounts, with reconciliations a reviewer can rely on.
- Level
- Intermediate
- Length
- About 50 minutes
- Contents
- 3 lessons · 1 video · final exam
- Status
- Published · updated 1 Oct 2026
Skills you'll practise
- Choose the independent evidence that supports each type of balance-sheet account
- Prepare a reconciliation showing the ledger balance, supporting balance and dated reconciling items
- Calculate a schedule balance and identify the difference to investigate
- Recognize balances that point to errors (liabilities with debit balances, non-zero clearing accounts, aged items)
- Correct a misposted loan repayment with a journal
- Review a reconciliation and decide whether it can be signed off
Course outline
- 1.Balance-sheet reconciliations and reviewVideo · 2 min
- 2.Every balance needs a reasonLesson · 15 min
- 3.Reconciling the common accountsLesson · 18 min
- 4.Reviewing reconciliationsLesson · 15 min
- 5.Balance-sheet reconciliations and review: knowledge checkKnowledge check · 19 questions
- 6.Final exam8 questions · passing it completes the course, so people who already know the material can test out
Sources it draws on
The lessons and questions are written from these references, so learners can go back to the original.
- U.S. GAO: Standards for Internal Control in the Federal Government (the "Green Book"). Control activities include reconciliations and reviews
- IRS Publication 583, Starting a Business and Keeping Records (US example: journals, ledgers, supporting documents)
- General bookkeeping practice (journals, ledgers, reconciliations, schedules, review and sign-off)
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