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What is "Reconciliation"?

Is it should be mandatory as a process in any firm/company for customers and employees?

Is department exist in any firm/company "Reconciliation Department"?

 

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Question added by Shujaat Ali , Territory Business Manager , Dadex Eternit Limited
Date Posted: 2015/03/11
Christina Paul
by Christina Paul , Customer Service Officer , Rakbank

Reconciliation should be a mandatory process in any firm/company in order to track the company's balance sheet, inclusive of its liabilities versus assets. To understand the returns and retains of market capitalization.

In simple words its a form of a check and validation performed to understand the topography of the Income earned.