Balance Sheet Reconciliation Template: What to Include

A balance sheet reconciliation workpaper is the document that supports each balance sheet account in your close pack. It demonstrates that the GL balance is accurate, complete, and supported by evidence. Here is what it should contain for prepayments and accrued liabilities.

Standard Sections

• Account name and GL account number
• Period end date and GL closing balance
• Preparer name and date prepared
• Reviewer name and date reviewed
• Reconciling items table (see below)
• Explanation of any items over 30/60/90 days
• Open items from prior periods and their current status
• Sign-off section

The Reconciling Items Table

For prepayments, the table should list every open prepayment with its description, original amount, coverage period, cumulative amortization to date, and remaining balance. The sum of remaining balances should equal the GL closing balance.

For accrued liabilities, the table lists every open accrual with its description, period it was raised, expected invoice or reversal date, and current balance. The sum should equal the GL closing balance.

Exporting from CloseKit

CloseKit's reconciliation dashboard produces this table automatically for any date you select. You can export the full breakdown as a CSV — with GL account, description, amortization history, and remaining balance — formatted for use directly in your close workpapers without manual reformatting.

Archiving Reconciliations

Each period's reconciliation should be archived with the period it covers. Auditors and reviewers need to be able to access prior period reconciliations to understand how a balance changed over time. Storing them in a consistent location with a consistent naming convention (e.g., "Prepayments Recon — March 2026") makes this straightforward.