What is an account reconciliation schedule?

An account reconciliation schedule documents which balance sheet accounts require reconciliation, how frequently each should be reconciled, who is responsible, and when reconciliations are due. For professional service firms, a formal schedule ensures all accounts are reconciled appropriately, preventing errors from accumulating and ensuring balance sheet accuracy.

Key characteristics

• Lists all accounts requiring reconciliation

• Specifies frequency for each account

• Assigns responsibility and due dates

• Part of the month-end close process

• Ensures no accounts are overlooked

• Documents reconciliation completion

Why it matters for professional service firms

Unreconciled accounts can harbor errors that compound over time. A reconciliation schedule ensures systematic attention to all accounts, with appropriate frequency based on activity and risk. Professional service firms should maintain formal reconciliation schedules as part of their close process, with documented completion and review for each reconciliation.

Real-world example

Jennifer's firm had informal reconciliation practices; some accounts were reconciled monthly, others quarterly, and some not at all. Implementing reconciliation schedule: bank accounts (daily review, formal monthly); AR subledger (weekly, monthly tie); AP subledger (weekly, monthly tie); prepaid expenses (monthly); fixed assets (quarterly); accrued liabilities (monthly). Each entry shows the responsible person and the due date relative to the close. First month: discovered $12K error in prepaid account that had been accumulating for 6 months. Schedule prevented future oversights and improved close quality.