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Reconciliation can be used in many and different financial ways such as Bank reconciliation and adjust your account and budget balances. IT can be used to compare two financial records and between the firm and the supplier/vendors financial books
Reconciliation means identify the errors occurring and rectify them to agreement the balances of two books. It does not stop only with Bank Reconciliation. It cab done for GL to Sub-Ledger, Partners to Partners, Fixed Asset etc. The condition is balance or transaction must agree for both accounts.
It is the process of making sure that two sets of records are in agreement. It is used to ensure that the money leaving an account matches the actual money spent
The Term Reconciliation means the verification of financial transaction for both side of Accounts to overcome any errors for accurate Accounting effects in the TB.
Compare two sets of records to make sure they are in agreement. One of those sets of records is usually a bank account or other type of financial account, and the other set of records is usually your accounting records. Your General Ledger balance should reconcile with your bank statement balance after making some adjusting entries if needed.
Reconciliation is used to ensure that the money leaving an account matches the actual money spent. This is done by making sure the balances match at the end of a particular accounting period
the action of making one account view or compatible with another account
Reconciling financial accounts with your accounting records will help you identify errors, irregularities and needed adjustments. In accounting, reconcile means to compare two sets of records to make sure they are in agreement. One of those sets of records is usually a bank account or other type of financial account, and the other set of records is usually your accounting records.
A procedure for confirming that the balances in a Company book matches the corresponding bank statement. This is normally done by preparing a bank reconciliation statement.
Reconciling an account often means proving or documenting that an account balance is correct.
An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate
