VERIFYiQ saves you time because its algorithm catches up to 80% of the most common accounting errors.  Clean and fully reconciled accounts are the starting point for complete file reviews.  When it comes to reconciliations, errors arise when Bank Accounts or Credit Card Accounts simply aren’t reconciled. In addition, reconciliation reports may contain old unreconciled items that are most likely incorrect. 

VERIFYiQ’s algorithm goes through your bank and credit card transactions, looking for unreconciled items. VERIFYiQ marks unreconciled items that are more than 5 days old as warnings, and more than 30 days old as errors. 

In a separate browser tab, go to the Bank Reconciliation Model to ensure bank reconciliations are complete. If the bank reconciliation is complete, then this transaction might have been double booked. If so, please reverse.

If you believe that the bank reconciliation is correctly done, then simply change the warning or error icon to a check mark.  You can also exclude certain accounts from ongoing analysis using Custom Rules.

Once you have corrected the relevant transactions in your bookkeeping software, Re-Scan the file in VERIFYiQ.  Your report and the overall score will now reflect the latest corrections, and will ensure the tests run on further tabs are assessing proper data.

With a clean reconciliation completed, move on to reviewing the General Ledger. 

As usual, if you have any questions or feedback, please reach out via in-app chat!