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HIPAA Disaster Recovery Planning

VISTA InfoSec

According to the Contingency Plan Policy in HIPAA section 164.308(a)(7)(i) , covered entities must “formulate and execute, as needed, guidelines and procedures to respond to emergencies or other incidents (like system failure, fire, vandalism, or natural disaster) that damage systems containing ePHI.” What is a Contingency Plan Policy?

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Guide to Vendor Account Reconciliation Process

Nanonets

The vendor reconciliation process is the systematic procedure of verifying and aligning the financial records of a company with those of its vendors. Any discrepancies, such as duplicate payments or missing entries, must be identified. Detailed records of all discrepancies and their resolutions should be maintained.

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ACH Reversals vs. ACH Returns: What’s the Difference?

EBizCharge

Fortunately, the National Automated Clearing House Association (NACHA) , the governing body over the ACH Network, has processes, procedures, and safeguards to protect consumers and merchants from transaction errors. Account balance adjustment: Finally, the originator’s account will be adjusted to reflect the return of the failed payment.

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What is Account Reconciliation?

Nanonets

If the ending balances don't match, accountants investigate the cause of the discrepancies and make adjusting entries required to resolve differences resulting from errors or missing transactions. Once accounting reconciliation is complete, adjustments to the GL account balance may be made through an adjusting journal entry.

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How to Audit Bank Reconciliation?: A Complete Guide

Nanonets

This audit aims to verify the accuracy and completeness of the bank reconciliation procedures and ensure that they are conducted in accordance with established accounting standards and regulatory requirements.

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How to Use AI in Bank Statement Processing

Nanonets

Set up rule-based workflows to identify and remove any duplicate entries and human review for complex or ambiguous transactions. Regularly analyze reasons for variances (for eg: format differences, fraud, duplicate records) Discrepancy identification During reconciliation, any mismatches are flagged for further review.

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7 Best Practices for effective Account Reconciliations

Nanonets

Make Adjustments: Record missing transactions and correct errors for accurate balances. Document Process: Maintain detailed records of steps, findings, and adjustments. Bank Errors : Banks can make errors in processing transactions, such as posting incorrect amounts or duplicating entries.