A balance sheet reconciliation agrees each asset, liability and equity balance in the general ledger to an independent source, such as a bank statement, a subledger, a schedule or a third-party statement, and explains each difference. Finance teams reconcile the material accounts each month and the rest on a set cadence.
The template has two parts. The first is the account list: what each balance should agree to and the items that most often explain a difference. The second is the layout for each account's reconciliation. Rever's blog defines the practice in full in What is balance sheet reconciliation?.
How to use the template
- Download the CSV and add your own account numbers, balances, owners and due dates.
- Set a cadence per account. High-volume and high-risk accounts reconcile monthly; stable accounts can reconcile quarterly.
- Fill one reconciliation per account with the layout in the second table, and attach the support.
- Have someone other than the preparer review and sign, and age any reconciling item still open after one period.
The balance sheet reconciliation template
| Account | Agrees to | Reconciling items to look for | Preparer | Reviewer | Agent |
|---|---|---|---|---|---|
| Cash | Bank statements | Deposits in transit, outstanding cheques, fees, returned cheques | Staff accountant | Controller | Matcher |
| Accounts receivable | AR subledger and aging | Unapplied cash, short payments, credit memos not yet issued | AR lead | Controller | Matcher and Deduction |
| Allowance for doubtful accounts | Allowance calculation | Write-offs, recoveries, changes in estimate | AR lead | Controller | People |
| Inventory | Perpetual records and count results | Count differences, cut-off, in-transit goods, reserves | Cost accountant | Controller | Inventory |
| Prepaid expenses | Amortisation schedule | Missed amortisation, new prepayments not set up | Staff accountant | Controller | Journal |
| Fixed assets and accumulated depreciation | Fixed asset register | Unrecorded additions or disposals, depreciation differences | Fixed asset accountant | Controller | Journal for depreciation; schedules stay with your reviewer |
| Accounts payable | AP subledger and vendor statements | Unrecorded invoices, unapplied vendor credits, duplicates | AP lead | Controller | Matcher and Spend Guard |
| Goods received not invoiced | Receipts without invoices | Old receipts, receipts already invoiced, price differences | AP lead | Controller | Matcher |
| Accrued liabilities | Accrual schedules | Accruals not reversed, invoices received against accruals | Staff accountant | Controller | Journal; Close Orchestrator checks reversals |
| Payroll liabilities | Payroll register and tax filings | Timing of remittances, benefit deductions | Payroll lead | Controller | Matcher |
| Deferred revenue | Contracts and recognition schedules | Billing ahead of delivery, recognition timing | Revenue accountant | Controller | Revenue Assurance |
| Debt and accrued interest | Lender statements | Interest accrual timing, fees, covenant charges | Controller | CFO | Journal and Matcher |
| Intercompany | The other entity's balance | Timing, currency, unrecorded charges | Staff accountant | Controller | Matcher and Close Orchestrator |
| Suspense and clearing accounts | Item listing | Unidentified receipts, misposted items | Staff accountant | Controller | Investigator traces items to their cause |
| Equity | Equity records and board minutes | Issuances, distributions, the closing entry | Controller | CFO | People |
Download the template (CSV) Download the template (Excel)
The layout for each account
| Line | Example entry |
|---|---|
| Account name and number | Accounts payable, 2000 |
| Period end | The last day of the month |
| Balance per general ledger | From the trial balance |
| Balance per supporting source | From the subledger, statement or schedule |
| Difference | General ledger less supporting source |
| Reconciling items | Each item with amount, date, description and age |
| Unexplained difference | Must be zero, or escalated with a reason |
| Adjusting entries needed | Entry reference and approver |
| Support attached | Statement, schedule or subledger report |
| Prepared by and date | Name and date |
| Reviewed by and date | A different person, with date |
Where an agent helps
In Rever, Matcher agrees vendor statements, customer accounts and intercompany balances to the ledger line by line, Investigator explains the differences that persist and ages them, and Evidence keeps confirmations and support with the workpaper. Journal prepares any adjustment for your approval, and Close Orchestrator carries open differences into the close. See balance reconciliation on rever.ai, the bank reconciliation template and suspense accounts.