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Account Reconciliations

BANK RECONCILIATIONS

A review of cancelled checks paying attention to proper endorsements and payee information. A random selection of checks may be performed, tracing the check to the general ledger for proper posting and authorization. The accounting controls will be reviewed and noted. Outstanding reconciling items and open items may be researched.

FINANCE RESERVE RECONCILIATION

The dealership’s finance reserve statements will be reviewed for aging. General journal entries may be reviewed to confirm accurate posting of shortages and overages.

FLOOR PLAN CHECK

There are several errors that can occur involving inventory levels and interest rate cost involved with floor plan. A review of the floor plan reconciliation will be performed to confirm all outstanding items appear reasonable.

SCHEDULE REVIEW

An overview of all schedules will be performed. Careful attention to aging items and unusual posting may be researched. Items cleared by journal entry may be randomly tested for control purposes.

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