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DEFINITION of 'Reconciliation'
An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent, ensuring the two values are balanced at the end of the recording period.
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It is an accounting/business process used to compare two sets of records to ensure the figures are in agreement and are accurate.
If both can understand each other's peculiarities, respect the same like similarities, then there is a Reconciliation between people; product and profit
Reconciliation is when people make an agreement to forgive each other for what ever problems they have had in the past so they can move on with their relationship or business.
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Its a Comparison of two sets of records.Its a form of Internal Control.
Reconciliation is the act of bringing people together to be friendly again or coming to an agreement.