Executive Summary
Reconciliation should be a continuous control activity, not a once-a-quarter task. Consistency in data review leads to stronger compliance outcomes.
Key Takeaways
- Match books with return data at invoice level wherever feasible.
- Track exception buckets and assign owners for closure.
- Maintain an audit-ready trail for each reconciliation cycle.
Monthly reconciliation rhythm
Run sales and purchase reconciliation every month with fixed timelines for data freeze, review, and correction. This avoids quarter-end pressure.
Use a simple dashboard to track unresolved mismatches and vendor actions.
Exception management
Not every mismatch needs the same urgency. Create categories based on value and compliance impact, then prioritize closure accordingly.
- Missing invoice or wrong GSTIN
- Rate and taxable value mismatch
- Credit not reflected by supplier