{"id":32573,"date":"2024-06-19T06:00:00","date_gmt":"2024-06-19T06:00:00","guid":{"rendered":"https:\/\/excelevate.co\/wp\/?p=32573"},"modified":"2024-06-19T16:18:04","modified_gmt":"2024-06-19T16:18:04","slug":"excel-account-reconciliation-best-practices","status":"publish","type":"post","link":"https:\/\/excelevate.co\/wp\/2024\/06\/19\/excel-account-reconciliation-best-practices\/","title":{"rendered":"Excel Account Reconciliation Best Practices"},"content":{"rendered":"<body>\n[et_pb_section fb_built=\u201d1\u2033 admin_label=\u201dsection\u201d _builder_version=\u201d4.16\u2033 custom_padding=\u201d0px||0px|||\u201d global_colors_info=\u201d{}\u201d][et_pb_row admin_label=\u201drow\u201d _builder_version=\u201d4.16\u2033 background_size=\u201dinitial\u201d background_position=\u201dtop_left\u201d background_repeat=\u201drepeat\u201d custom_margin=\u201d||0px\u201d custom_padding=\u201d0|0px|0|0px|false|false\u201d global_colors_info=\u201d{}\u201d][et_pb_column type=\u201d4_4\u2033 _builder_version=\u201d4.16\u2033 custom_padding=\u201d|||\u201d global_colors_info=\u201d{}\u201d custom_padding__hover=\u201d|||\u201d][et_pb_text _builder_version=\u201d4.25.0\u2033 _module_preset=\u201ddefault\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2022\/08\/overview-icon_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Overview<\/strong><\/h3>\n<p>If you\u2019re an accountant charged with preparing or reviewing account reconciliations, chances are you\u2019re using Excel <em><strong>a lot<\/strong><\/em>.\u00a0 Even with a variety of purpose-built account reconciliation tools available, Excel is still heavily used throughout the process, and Excel files themselves are often the end result.<\/p>\n<p>Excel can be a really effective tool for performing account reconciliations if you take the right approach and build in the right controls.\u00a0 There are many features within Excel that help with this, but often go unused.\u00a0 In this article, we\u2019ll cover ten best practices you should consider using with an Excel-driven account reconciliation process.\u00a0 Below, you can get a prepaid expense example file that has several of these best practices included.<\/p>[\/et_pb_text][et_pb_signup provider=\u201dmailerlite\u201d mailerlite_list=\u201dXLEV8_WP_API|85744827291928411\u2033 first_name_field=\u201doff\u201d last_name_field=\u201doff\u201d success_action=\u201dredirect\u201d success_redirect_url=\u201dhttps:\/\/excelevate.co\/wp\/wp-content\/uploads\/2024\/06\/Prepaid-Rec-Template_2024-06-19.xlsx\u201d success_redirect_query=\u201doff|off|on|off|off\u201d title=\u201dDownload Example File\u201d button_text=\u201dGet Example File\u201d description=\u201d<p>Want a copy of the example file discussed in this article and video? Sign up for our email newsletter to access this great template and lots of other resources and insights!<\/p>\u201d footer_content=\u201d<p><span>We won\u2019t pass your details on to anyone else. By clicking the sign up button, you agree to our <\/span><a href=\"%22..\/home\/about\/terms-and-conditions\/%22\" data-et-target-link=\"%22_blank%22\" rel=\"%22noopener%22\">Terms of Use<\/a><span> and <\/span><a href=\"%22..\/home\/about\/privacy-policy\/%22\" data-et-target-link=\"%22_blank%22\" rel=\"%22noopener%22\">Privacy Policy.<\/a><\/p>\u201d _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d form_field_text_color=\u201d#000000\u2033 background_color=\u201dRGBA(255,255,255,0)\u201d background_layout=\u201dlight\u201d border_width_all=\u201d2px\u201d border_color_all=\u201d#000000\u2033 border_width_all_fields=\u201d1px\u201d border_color_all_fields=\u201d#000000\u2033 global_module=\u201d32576\u2033 saved_tabs=\u201dall\u201d global_colors_info=\u201d{}\u201d][\/et_pb_signup][et_pb_video src=\u201dhttps:\/\/youtu.be\/avNXwFvYuN4\u2033 _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d global_colors_info=\u201d{}\u201d][\/et_pb_video][et_pb_text _builder_version=\u201d4.25.2\u2033 custom_margin=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2024\/06\/organize-icon_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Tip 1 \u2013 Keep files organized<\/strong><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<p>As an auditor, Controller, and consultant, I\u2019ve seen a lot of crazy account recs that were really tough to follow.\u00a0 \u00a0Keeping them organized makes it easier for everyone, including yourself!\u00a0 Here are some specific ways you can keep your recs organized:<\/p>\n<ul>\n<li>Use a consistent folder structure \u2013 by period, by company, by account number\/group, by risk level \u2013 really it\u2019s up to you, but be consistent!<\/li>\n<li>Use consistent file names \u2013 include the account number, company ID, and other account segments, if applicable.\u00a0 Include the period (i.e. 2024-06).\u00a0 When these are used consistently, they are easier to find, reference, and automate around.<\/li>\n<li>Use consistent worksheets: 1) a leadsheet summarizing the accounts reconciled, 2) a sheet describing the policies, purpose, and procedures, 3) a raw data source, and 4) supporting schedules with calculations, roll-forwards, etc. (could be multiple sheets).<\/li>\n<\/ul>\n<p><strong>Helpful macro<\/strong>: <a href=\"https:\/\/excelevate.co\/wp\/home\/support\/xlev8-manual-create-subfolders\/\">Create Subfolders<\/a> \u2013 this can create hundreds of folders in one bulk step!\u00a0 Even better, you can reuse it quickly with formulas linked to inputs like dates.<\/p>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 custom_margin=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2024\/06\/data-icon_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Tip 2 \u2013 Use consistent data sources<\/strong><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<p>You\u2019d think this tip is obvious, but sometimes people use different data sources to support their reconciliations.\u00a0 That usually results in a lot of extra manual work.\u00a0 When the data source is consistent, you can automate a lot of manual work (see the other tips below!).\u00a0 It\u2019s also quicker to navigate and review because of familiarity.<\/p>\n<p>Ideally, you should be able to get all the source data for your rec in one file, rather than separate files for each location, cost center, company, etc. when you\u2019re reconciling multiple accounts together.\u00a0 If you find yourself having to run multiple reports to get lots of source data, there are generally ways to automate it with query connections, robotic process automation (RPA), or by optimizing the source report.<\/p>\n<p><strong>Helpful macro<\/strong>: <a href=\"https:\/\/excelevate.co\/wp\/home\/support\/xlev8-manual-create-mapped-file\/\">Create Mapped File<\/a> \u2013 this can restructure a data source into a required format (i.e. specific columns in a specific order), and can add formulas or fixed values to fill in any additional data you might need.<\/p>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 custom_margin=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2023\/04\/excel-formula-icon_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Tip 3 \u2013 Use formulas wherever you can<\/strong><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<p>Despite having hundreds of formula functions available in Excel, most people seem to only use the most basic ones and result to copying and pasting data all over instead.\u00a0 Formulas allow you to quickly update your recs with minimal effort after refreshing your source data.\u00a0 This saves a lot of time, and greatly reduces the risk of errors.<\/p>\n<p>Here are some functions that can really help streamline your Excel-driven account rec process:<\/p>\n<ul>\n<li><strong>SUMIFS<\/strong> \u2013 Add up various amounts based on conditions like dates, locations, statuses, categories, etc.<\/li>\n<li><strong>XLOOKUP<\/strong> \u2013 A newer lookup function \u2013 this allows you to apply lookups to your source data.<\/li>\n<li><strong>MID<\/strong> \u2013 A text-manipulation function that allows you to extract text from descriptions, labels, etc.<\/li>\n<li><strong>IFS<\/strong> \u2013 A logic function that allows you to identify when certain conditions are met.<\/li>\n<li><strong>INDIRECT<\/strong> \u2013 An advanced function that lets you build dynamic references \u2013 extremely helpful for referencing across sheets and columns.<\/li>\n<\/ul>\n<p>Excel has released several dynamic array functions (DAFs) over the past few years, and these add even more automation potential by allowing you to spill values across multiple cells.\u00a0 UNIQUE, FILTER, SORT, and SEQUENCE are some of the DAFs worth using most frequently.\u00a0 Learn more about DAFs in <a href=\"https:\/\/excelevate.co\/wp\/2024\/04\/17\/spilling-is-fulfilling-in-excel\/\">this article<\/a>.<\/p>\n<p><strong>Helpful macro<\/strong>: <a href=\"https:\/\/excelevate.co\/wp\/home\/support\/xlev8-manual-formula-picker\/\">Formula Picker<\/a> \u2013 this contains several shortcuts for working with formulas, including entering or searching for your favorite formulas.<\/p>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 custom_margin=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2021\/10\/light-bulb_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Tip 4 \u2013 Automate the repetitive work<\/strong><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<p>Formula functions are a great way to automate your work, but there\u2019s still the need to compile the source data, enhance it, and sometimes perform calculations with it beyond what formula functions can easily do.\u00a0 This is where advanced tools like Power Query and macros can save you a ton of time.<\/p>\n<p>Power Query (technically called \u201cGet Data\u201d on the Excel Data ribbon tab) is extremely useful for getting data efficiently and enhancing it.\u00a0 Data can be brought in from websites, database connections, flat files, other Excel files, PDF files, and even pictures.\u00a0 From there, you can filter, sort, add calculated fields, delete fields, unpivot fields, merge with other data sources, and much more.\u00a0 70-80% of the manual steps in your rec, journal, and reporting processes can often be automated with Power Query!<\/p>\n<p>Macros are another great way to automate repetitive processes, especially if you need to manipulate the workbook (i.e. add or replace sheets) or perform advanced calculations that formula functions and Power Query might otherwise struggle with.<\/p>\n<p>As you go through your processes, write down every single step you do \u2013 down to the keystroke \u2013 and determine the best way to automate it.\u00a0 If you\u2019re unsure how you can automate it, that\u2019s where we\u2019d love to help!<\/p>\n<p><strong>Helpful macro<\/strong>: <a href=\"https:\/\/excelevate.co\/wp\/home\/support\/xlev8-manual-modify-fields\/\">Modify Fields<\/a> \u2013 this can add, remove, rename, or reformat fields in your data source \u2013 great for those several repetitive steps you do every time you download a data source.<\/p>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 custom_margin=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2024\/06\/numbers_icon_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Tip 5 \u2013 Don\u2019t use hard-coded numbers<\/strong><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<p>It\u2019s almost never a good practice to include hard-coded numbers in account recs or other accounting files.\u00a0 Eventually, someone will have a question, and you won\u2019t have any idea where the number came from.\u00a0 This includes both hard-coded numbers that are the resulting value, as well as hard-coded numbers typed within a formula (i.e. =SUM(A2:A49)+12345) \u2013 those are even worse!\u00a0 Obviously you\u2019ll have some hard-coded values in your source data, and that\u2019s okay, assuming you haven\u2019t changed the values and that source data can be recreated.<\/p>\n<p>It\u2019s a best practice to clearly separate input values from formulas and lookup values.\u00a0 Data points like dates, locations, accounts, etc. are often best to keep on your leadsheet or a sheet specifically for inputs and assumptions.\u00a0 I like to highlight these yellow to indicate an area for inputs.<\/p>\n<p><strong>Helpful macro<\/strong>: <a href=\"https:\/\/excelevate.co\/wp\/home\/support\/xlev8-manual-conditional-formatting-picker\/\">Conditional Formatting Picker<\/a> \u2013 this can highlight hard-coded amounts or formulas containing them in one step!\u00a0 It also has several other helpful conditional formatting options.<\/p>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 custom_margin=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2024\/06\/audit_icon_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Tip 6 \u2013 Include an audit trail<\/strong><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<p>If you\u2019re a recovering auditor like myself, the \u201cevery workpaper should stand alone\u201d consideration is burned deep into your brain.\u00a0 Audits are becoming more demanding, so make sure you consider the audit trail of whatever goes through your account recs.\u00a0 The good news is it\u2019s getting easier to support a solid audit trail since so many financial apps are now web-based \u2013 you can simply include a URL to the underlying transaction or supporting documentation in your data source or somewhere else in your workbook.<\/p>\n<p>In addition to supporting the underlying transactions in your source data, make sure you include some documentation with how any calculations work within your workbook.\u00a0 The more complex the calculations, the more documentation you should probably consider adding.<\/p>\n<p><strong>Helpful macro<\/strong>: <a href=\"https:\/\/excelevate.co\/wp\/home\/support\/xlev8-manual-show-cell-references\/\">Show Cell References<\/a> \u2013 this helps you navigate workbooks with many cell references, jumping back and forth between the cells and auditing the formulas.<\/p>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 custom_margin=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2023\/03\/communication-icon_green_transparent.v2.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Tip 7 \u2013 Add comments where necessary<\/strong><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<p>Comments and documentation are important, especially when your account rec, underlying transactions, and calculations are complex or uncommon.\u00a0 A solid set of policies, purpose, and procedures is a good start.\u00a0 Adding cell comments or notes is even better because it adds documentation right where the calculation is happening, in an uncluttered way.<\/p>\n<p>Cell comments and notes are also helpful for reviewer comments so they are right there with the work being reviewed.\u00a0 I\u2019ve found it\u2019s very helpful to have a consolidated list of review comments in one sheet where you can track who owns it and the resolution.\u00a0 The macro below provides a great option for this!<\/p>\n<p>Here\u2019s a breakdown of these two options in Excel:<\/p>\n<ul>\n<li><strong>Cell notes (formerly called comments)<\/strong> \u2013 these are fairly basic \u2013 they live with the cell and will show up when you hover over the cell (indicated with a red triangle).\u00a0 They can be resized, formatted to some extent, and the visibility can be toggled on and off.<\/li>\n<li><strong>Cell comments (the newer version)<\/strong> \u2013 these are like comments you tend to find in social media \u2013 they support threading, mentions, notifications, and can be \u201cresolved\u201d when they are done.\u00a0 If you have legacy workbooks full of \u201cnotes\u201d, they can be converted to threaded comments!<\/li>\n<\/ul>\n<p><strong>Helpful macro<\/strong>: <a href=\"https:\/\/excelevate.co\/wp\/home\/support\/xlev8-manual-comment-picker\/\">Comment Picker<\/a> \u2013 this provides several shortcuts for working with cell comments, including managing a central sheet where comments can be tracked.<\/p>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 custom_margin=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2024\/02\/exception-icon_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Tip 8 \u2013 Include error checks throughout<\/strong><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<p>As your data grows and your workbook structure changes, it\u2019s easy to have formula errors, especially for completeness.\u00a0 Error checks ensure that everything is properly accounted for and referenced back and forth.\u00a0 Adding error check calculations only works if they are reviewed, so making them as easy to find and review as possible is quite helpful.<\/p>\n<p>I take two approaches that make error checks easy on reviewers:<\/p>\n<ul>\n<li>I use conditional formatting where red means there\u2019s an error, and green means it\u2019s okay (kind of like at a traffic light).<\/li>\n<li>In workbooks with a lot of sheets, I\u2019ll include the error checks within each of the sheets, plus a centralized sheet full of error checks, where they can all be reviewed in one place.\u00a0 Just remember to update that sheet when new error checks are added!<\/li>\n<\/ul>\n<p><strong>Helpful macro<\/strong>: <a href=\"https:\/\/excelevate.co\/wp\/home\/support\/xlev8-manual-conditional-formatting-picker\/\">Conditional Formatting Picker<\/a> \u2013 this can highlight items in green or red when the value is outside of thresholds you can set (the default being zero).\u00a0 It also has several other helpful conditional formatting options to find errors quickly.<\/p>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 custom_margin=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2024\/06\/lock-icon_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Tip 9 \u2013 Lock down your completed files<\/strong><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<p><span style=\"font-size: 14px;\">Many of us start our recs by copying and updating files from the previous period.\u00a0 Inevitably, someone will make updates to the wrong file, delete a file, or move a file without realizing it.\u00a0 Assuming you <em><strong>do<\/strong><\/em> realize it, it can create several hours of rework.\u00a0 I once had a folder full of 200 rec files disappear, and while there were backups for some items, it was still a weekend full of rework for my team!<\/span><\/p>\n<p>The best approach here is to use a workflow-driven reconciliation solution like BlackLine or FloQast.\u00a0 These can lock down the contents of the files and the files themselves once they are reviewed.\u00a0 Outside of tools like those, you can copy completed files to special \u201ccompleted\u201d folders that have more restrictive access and\/or make them read-only once completed.<\/p>\n<p><strong>Helpful macro<\/strong>: <a href=\"https:\/\/excelevate.co\/wp\/home\/support\/xlev8-manual-toggle-file-read-only-recommended\/\">Toggle File Read Only Recommended<\/a> \u2013 this lets you quickly toggle a file to be read-only, which helps prevent unwanted changes.<\/p>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 custom_margin=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2023\/03\/habit-icon_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Tip 10 \u2013 Start the process before the month ends<\/strong><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<p>One of the biggest opportunities accountants have for efficiency and quality in their rec process is to perform recs continuously, and certainly not after close is done.\u00a0 If you complete your recs after the books are closed and you find an issue, you\u2019re either doing a lot of rework or pushing adjustments to the next period!<\/p>\n<p>Continuous doesn\u2019t mean in real-time \u2013 it can mean every day or two, once a week, twice a month, or even a few days before the month ends, then update quickly at month end.\u00a0 There are several benefits to this approach:<\/p>\n<ul>\n<li>You\u2019re shifting work from month-end (an already busy time!) to the month itself when generally there is more bandwidth.<\/li>\n<li>You\u2019re addressing errors sooner \u2013 when you or others will be more likely to know how to correct them.<\/li>\n<li>Other tangential processes will be ready sooner (i.e. journal entries).<\/li>\n<li>The quality of your books will improve, because you will have completed reconciliations before publishing financial results.<\/li>\n<\/ul>\n<p>Not all accounts need to be reconciled continuously or even every month.\u00a0 Take a risk-based approach and balance the effort to prep the rec (i.e. gather data, enrich, run calculations) with the actual work itself (review, categorize, etc.).\u00a0 There\u2019s almost always at least some admin work you can perform in advance of the month ending.<\/p>\n<p><strong>Helpful macro<\/strong>: <a href=\"https:\/\/excelevate.co\/wp\/home\/support\/xlev8-manual-calculate-amortization-lines\/\">Calculate Amortization Lines<\/a> \u2013 this helps automate the process of calculating amortization for prepaids, deferred revenue, and other accounts with several calculation options.\u00a0 it\u2019s especially helpful for companies with non-standard calendars (i.e. 4-5-4) because it can accommodate any kind of calendar.<\/p>[\/et_pb_text][et_pb_signup provider=\u201dmailerlite\u201d mailerlite_list=\u201dXLEV8_WP_API|85744827291928411\u2033 first_name_field=\u201doff\u201d last_name_field=\u201doff\u201d success_action=\u201dredirect\u201d success_redirect_url=\u201dhttps:\/\/excelevate.co\/wp\/wp-content\/uploads\/2024\/06\/Prepaid-Rec-Template_2024-06-19.xlsx\u201d success_redirect_query=\u201doff|off|on|off|off\u201d title=\u201dDownload Example File\u201d button_text=\u201dGet Example File\u201d description=\u201d<p>Want a copy of the example file discussed in this article and video? Sign up for our email newsletter to access this great template and lots of other resources and insights!<\/p>\u201d footer_content=\u201d<p><span>We won\u2019t pass your details on to anyone else. By clicking the sign up button, you agree to our <\/span><a href=\"%22..\/home\/about\/terms-and-conditions\/%22\" data-et-target-link=\"%22_blank%22\" rel=\"%22noopener%22\">Terms of Use<\/a><span> and <\/span><a href=\"%22..\/home\/about\/privacy-policy\/%22\" data-et-target-link=\"%22_blank%22\" rel=\"%22noopener%22\">Privacy Policy.<\/a><\/p>\u201d _builder_version=\u201d4.25.2\u2033 _module_preset=\u201ddefault\u201d form_field_text_color=\u201d#000000\u2033 background_color=\u201dRGBA(255,255,255,0)\u201d background_layout=\u201dlight\u201d border_width_all=\u201d2px\u201d border_color_all=\u201d#000000\u2033 border_width_all_fields=\u201d1px\u201d border_color_all_fields=\u201d#000000\u2033 global_module=\u201d32576\u2033 saved_tabs=\u201dall\u201d global_colors_info=\u201d{}\u201d][\/et_pb_signup][et_pb_text _builder_version=\u201d4.25.0\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d||0px|||\u201d global_colors_info=\u201d{}\u201d]<h3><strong><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/excelevate.co\/wp\/wp-content\/uploads\/2022\/08\/checkmark_icon_green_transparent.png?w=32&#038;ssl=1\"  loading=\"lazy\"> Summary<\/strong><\/h3>\n<p>The more accounts you are ultimately responsible for reconciling, the more important it is to have a consistent, efficient, and controlled process for accountant reconciliations.\u00a0 When Excel is your primary tool for reconciling, it\u2019s worth adding some documentation and control for the benefit of the entire team.\u00a0 By following the best practices above, you\u2019ll help ensure errors are minimized and work is done in a timely manner.\u00a0 For even more efficiency, the macros above were purpose-built for processes just like account reconciliations.\u00a0 Give them a try and free up valuable time for your team to help support your business.<\/p>\n<p>What tips and tricks have you used to support a high-quality and efficient account reconciliation process?\u00a0 Let us know in the comments below!<\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n<\/body><span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>Using Excel for your account reconciliations?  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