Certified Revenue Cycle Representative (CRCR) Practice Exam

Which step should be performed first in the daily reconciliation process?

1. Post unidentified payments

2. Endorse checks immediately

3. Obtain totals of all payments

4. Balance payments to the bank deposit

The correct answer is: Obtain totals of all payments

The first step in the daily reconciliation process is to obtain totals of all payments. This step is crucial because it establishes a baseline for the reconciliation process, allowing you to have a clear and accurate record of all incoming payments before proceeding to other steps. By tallying the payments first, you can verify the total amount that should have been deposited into the bank. This information enables you to compare it against the bank's records, ensuring that everything aligns and making it easier to identify any discrepancies later in the process. Once the totals are established, you can move on to other tasks such as posting unidentified payments or balancing those totals to the bank deposit. However, without first determining the total payments, the subsequent steps could lead to confusion or errors, as you wouldn't have a clear understanding of what the totals should be in the first place. This foundational step is essential for effective reconciliation and helps ensure the overall accuracy of financial records.