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How do I do account reconciliations?

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You check that what ACTUALLY happened is the same as what you THINK happened! If you wrote 5 cheques on your bank account, but when you get your bank statement and check it against your cheque book, there were 7 cheques, you would know that there is a problem. I work for a merchant bank. When we reconcile the accounts, what we do is to check that what actually happened on the market is the same as what our clients think they did on the market. So if for example we find that the client side says that they bought 1,000 Enron shares, but the Market side says they bought 1,000 White House Oil Enterprises shares, we can spot that the client should probably seek psychiatric help….. You get the picture?

Thanksgiving questions

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