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IntermediateTECHNICAL
How would you identify and correct a material reconciliation discrepancy between the general ledger and subsidiary ledgers (e.g., AR/AP); list the investigative steps, accounting entries, and controls you would implement to prevent recurrence.
accountant
General

Sample Answer

At my last role I noticed a $450k variance between AR subledger and the GL at month end. I started by isolating the timing window and running an aged AR extract versus GL activity for the same 30‑day period, then traced customer remittances and unapplied cash in the cash application system. I found a batch of lockbox receipts posted to clearing but not applied to invoices because of a file-mapping error. I reversed the clearing entries, applied cash to 47 invoices, and booked a $450k adjustment to reduce the AR control account, documenting each journal with source file IDs. Then I added a daily automated match report, a second-person review for high-value unapplied cash (> $25k), and a weekly reconciliation dashboard—cutting similar discrepancies to near zero in two months.

Keywords

Isolate timing and run detailed subledger vs GL extractsTrace source documents (remittances, bank files) and apply corrective journal entries with clear audit trailImplement automated matching reports and segregation of duties for high-dollar items
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