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You're reading from  Managing Data Integrity for Finance

Product typeBook
Published inJan 2024
PublisherPackt
ISBN-139781837630141
Edition1st Edition
Concepts
Data Engineering
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Author (1)
Jane Sarah Lat
Jane Sarah Lat
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Jane Sarah Lat

Jane Sarah Lat is a finance consultant with over 14 years of experience in financial management and analysis for multiple blue-chip multinational organizations. In addition to being a Certified Management Accountant (CMA U.S.) and having a Graduate Diploma in Chartered Accounting (GradDipCA), she also holds various technical certifications, including Microsoft Certified Data Analyst Associate and Advanced Proficiency in KNIME Analytics Platform. Over the past few years, she has been sharing her experience and expertise at international conferences to discuss practical strategies on finance, data analysis, and management accounting. She is also president of the Institute of Management Accountants (IMA) Australia and New Zealand chapter.
Read more about Jane Sarah Lat

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Avoiding common reconciliation errors and mistakes in finance teams

A number of problems could arise throughout the account reconciliation and accounting process that would influence the integrity of financial data. Let’s dive deeper into the common reconciliation errors.

Understanding common reconciliation errors

Some of the most prevalent problems in the area of reconciliation include those discussed in the following subsections. Afterward, we’ll discuss how to avoid and prevent these issues.

Unrecorded transactions

Transactions that are not documented in the financial records may cause discrepancies between the financial records and the supporting documents. Simply put, it is essential to ensure that all transactions are appropriately recorded and documented to prevent this type of issue.

For example, a cash sale in a restaurant might not be recorded due to the rush of evening sales when the store is about to close for the day. Another example would...

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Managing Data Integrity for Finance
Published in: Jan 2024Publisher: PacktISBN-13: 9781837630141
© 2024 Packt Publishing Limited All Rights Reserved

Author (1)

author image
Jane Sarah Lat

Jane Sarah Lat is a finance consultant with over 14 years of experience in financial management and analysis for multiple blue-chip multinational organizations. In addition to being a Certified Management Accountant (CMA U.S.) and having a Graduate Diploma in Chartered Accounting (GradDipCA), she also holds various technical certifications, including Microsoft Certified Data Analyst Associate and Advanced Proficiency in KNIME Analytics Platform. Over the past few years, she has been sharing her experience and expertise at international conferences to discuss practical strategies on finance, data analysis, and management accounting. She is also president of the Institute of Management Accountants (IMA) Australia and New Zealand chapter.
Read more about Jane Sarah Lat

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