Reconciliation is used to manage financial transactions, including bank statements, internal accounting codes, and insurance premiums. Bank reconciliation specialists compare transactions on bank statements with company records, record fees and costs, and identify errors. Reconciliation can also be used for inventory control and patient medication management.
Reconciliation is generally the process used to manage a company’s financial transactions. These transactions could be related to bank statements, internal accounting codes, or insurance premium income. Financial advisors can also use reconciliation to transfer funds from the corporate account to individual equity vehicles. In addition to traditional accounting and finance functions, reconciliation jobs can also pertain to warehouse inventory control and patient medication management.
A bank reconciliation specialist usually works in an organization’s accounting department. Your main duty is to compare the transactions on the bank statement with those on the company’s records. This process usually accounts for all deposits and withdrawals and is likely to lead to successful cash flow management. Depending on internal policies, bank reconciliation can occur weekly, biweekly, or monthly.
In addition to verifying payments and deposits, bank reconciliation jobs can record service fees, transaction costs, and earned interest. Examining the company’s bank statement and ledger can also help the specialist identify bank errors. Businesses that write and/or receive hundreds of checks each month are likely to need a full-time reconciliation specialist. Smaller companies, however, can add these responsibilities to their day-to-day accounting functions.
Account reconciliation is generally used when internal codes delineate collective bank transactions. Colleges, for example, will likely use accounting codes that individually identify faculty salaries, scholarship funds, and tuition payments. This often lends structure to a large cash flow pattern. Reconciliation specialists can then compare department statements with financial records to manage expenses. These positions can also document operational losses, ensure account compliance with corporate policies, and escalate unreported items to higher levels of management.
Medical insurance generally requires a similar level of scrutiny regarding the plans and premiums paid. Revenue reconciliation jobs can therefore balance the client’s premiums against the health plan’s coverage. Job duties may include survey discrepancies between expected rewards and actual payments, participating in membership eligibility surveys, and providing routine financial metrics to managers.
Professional financial advisers sell wealth management vehicles to outside clients. These vehicles are usually mobilized when clients pay their weekly, monthly or quarterly investment amounts. Reconciliation efforts can thus balance internal record keeping with investment fund costs. Each customer plan must be accounted for, and reconciliation specialists will likely research and resolve variances, edit customer statements, and track revenue. These professionals can also report unresolved issues to financial advisors and transfer corporate account fund balances to individual market plans.
While reconciliation jobs can be available in many accounting or finance capacities, they can also exist in companies with warehouses. Report reconciliation, for example, might pertain to a company’s inventory and the processes used to control it. Once orders are processed and returned goods are registered, experts in this field can count the number of goods on hand. Inventory levels can in turn be compared with electronic reports to determine inventory accuracy. Specialists can also track item histories to correct discrepancies between inventory and inventory control records.
Patient medication is another area where goods and quantities need to be closely monitored. Unlike warehouses, which are primarily responsible for processing orders for manufactured goods, patient medications are handled by healthcare providers. In this capacity, reconciliation engagements will likely conduct interviews with patients, family members, or caregivers who confirm a patient’s medication list prior to hospital admission. If necessary, the technician will access the patient’s pharmacy records and medical documents to investigate and complete an accurate medication list. Medical staff, in turn, are frequently notified of the medication list to ensure safe patient care.
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