M&G Global Services Reconciliation Analyst Interview Questions, Process, and Tips

Experience in Record to report involves reconciling financial data from various sources to ensure accuracy and compliance.

• Experience in preparing financial statements and reports

• Ability to analyze and reconcile data from different systems

• Knowledge of accounting principles and regulations

• Experience in identifying and resolving discrepancies

• Proficiency in using accounting software and tools

Intercompany reconciliation is the process of ensuring that transactions between different entities within the same company are accurately recorded and balanced.

• It involves comparing and matching transactions between intercompany accounts to identify and resolve any discrepancies.

• Common discrepancies include differences in amounts, timing, or recording errors.

• The goal is to ensure that the financial statements of each ...read more

Bank reconciliation is the process of comparing a company's records to its bank statement to ensure they match.

• Bank reconciliation involves comparing the company's internal financial records with the bank statement to identify any discrepancies.

• It helps in identifying errors, fraud, or missing transactions.

• Adjustments are made to the company's records to reconcile the differences between the two sets of data.

• Common ite...read more

Open items in BRS are categorized based on their nature and status, such as outstanding checks, deposits in transit, bank errors, etc.

• Categorize open items as per their nature, such as outstanding checks, deposits in transit, bank errors, etc.

• Assign status to open items like reconciled, unreconciled, in progress, etc.

• Keep track of any discrepancies or issues related to open items for further investigation.

• Regularly upd...read more

Rent paid for 3 months journal entry involves debiting Rent Expense and crediting Cash or Accounts Payable.

• Debit Rent Expense account for the total rent amount paid for 3 months

• Credit Cash account if rent is paid in cash or Accounts Payable if rent is paid on credit

• Include the dates of the rent payments in the journal entry

• Ensure the journal entry is balanced with debits equaling credits

Reconciling a ledger involves comparing and adjusting the balances to ensure they match.

• Gather all relevant financial documents and records

• Compare the transactions in the ledger with the corresponding entries in the bank statement

• Identify any discrepancies or errors

• Adjust the balances by making corrections or journal entries

• Ensure that the ending balances match after reconciliation

To identify credit in BRS from unknown source, analyze transaction details, check for missing invoices or receipts, and investigate further.

• Review transaction details in BRS for any clues or references to the unknown source

• Check for missing invoices or receipts that could potentially explain the credit

• Investigate further by reaching out to relevant departments or vendors for clarification

• Compare the credit amount with ...read more

Implemented automated reconciliation process resulting in 50% reduction in errors

• Identify bottlenecks in current reconciliation process

• Implement automation tools to streamline data matching

• Regularly review and update reconciliation procedures

• Provide training to staff on new processes and tools

My greatest achievement till date is successfully leading a team to implement a new reconciliation system, resulting in a 20% increase in efficiency.

• Led a team to implement a new reconciliation system

• Achieved a 20% increase in efficiency

• Received recognition from senior management for the successful project completion