Reconciliation Officer

Job Title

Responsible for the reconciliation of general ledger (GL) accounts according to established generally accepted accounting principles (GAAP) and accounting procedures. Reconciliation includes verifying transactions and balances for appropriate classification within the GL, comparing and matching GL transactions and balances to internal and external subledgers, statements and data sources, and researching and resolving discrepancies and outages. Maintains regular contact and communicates with others internal and external to the credit union to obtain necessary information about the nature and timing of transactions to perform assigned reconciliations. Creates journal entries to reclassify transactions or make accounting adjustments and corrections to resolve discrepancies and outages within GL accounts. Reconciliations may be performed on a daily, weekly, or monthly basis. Creates and archives reconciliation reports in accordance with established procedures. Marks off completed reconciliations in tracking system. Keeps associated reconciliation supporting documentation, records, files, and reports accurate and current. Performs related clerical duties.

Responsibilities

Assumes responsibility for the reconciliation of GL accounts.

Verifies transactions and balances for appropriate classification within the GL as an asset, liability, equity, income, or expense.

Compares and matches GL transactions and balances to internal and external balancing sources such as : bank statements, settlement statements, trial balances, subledgers, and other data sources.

Researches and resolves discrepancies and outages identified in the reconciliation process.

Ensures transactions in GL clearing accounts are held and cleared out according to defined reconciliation processes.

Ensures reconciliations are performed in accordance with GAAP and accounting procedures.

Reports any reconciliation deficiencies or irregularities to accounting management and makes recommendations for timely resolution.

Completes reconciliations in a timely manner per defined deadlines.

Provides coverage and cross training to support the reconciliation team.

Creates, maintains, or updates reconciliation procedures for assigned accounts as required.

Creates and tests new reconciliation processes.

Coordinates and communicates with internal and external stakeholders to ensure accurate and timely reconciliations.

Ensures reconciliation reports are provided to appropriate internal stakeholders for review and resolution of outstanding items.

Runs reconciliation reports and saves them to reconciliation archive and marks as complete in the reconciliation tracking system.

Notifies appropriate internal and external stakeholders if changes are made to reconciliation processes.

Attends and participates in meetings as required.

Communicates with departments and branches about outstanding reconciliation items.

Provides support to answer inquiries from departments and branches including on-call after hours support.

Creates general ledger journal entries to ensure the correct classification of transactions and other accounting adjustments.

Researches and creates journal entries for accounting adjustments and corrections to resolve misclassifications, discrepancies, and outages.

Codes journal entries to appropriate cost centers, projects, and accounts.

Keeps associated supporting documentation and evidence for journal entries as defined by reconciliation procedures.

Assumes responsibility for related duties as required or assigned.

Keeps work area clean, secure, and well maintained.

Performs general, additional accounting duties as needed.

Maintains confidentiality.

Completes special projects as assigned.

Qualifications

EDUCATION

High school graduate or equivalent. Additional accounting, business, or bookkeeping courses desired.

EXPERIENCE / KNOWLEDGE

Previous accounting or bookkeeping experience desired. Understanding of basic accounting or bookkeeping concepts and procedures desired.

SKILLS / ABILITIES

Well organized, accurate, and attentive to detail. Excellent math skills. Cooperative and willing to assist others. Excellent written and verbal communication skills. Able to work under pressure and deadlines. Excellent time management skills and able to work independently. Able to use PC and learn new accounting related software applications.

CERTIFICATES, LICENSES, REGISTRATIONS

None required