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Reconciliation is the process of reconciling differences between two or more parties, groups, or individuals. It is a collaborative effort to resolve conflicts, build bridges, and create understanding and harmony.
What is reconciliation in simple terms?
Reconciliation is the process of matching and comparing records to ensure they agree and to identify any discrepancies.
What is reconciliation in accounting?
In accounting, reconciliation involves comparing financial records, such as bank statements, with internal records to ensure accuracy and resolve any differences.
What is an example of reconciliation?
A common example is a bank reconciliation, where a company compares its bank statement with its own accounting records to identify and resolve any inconsistencies.
What is the purpose of reconciliation?
The purpose of reconciliation is to ensure that financial records are accurate, complete, and free of discrepancies, which supports sound financial reporting and decision-making.
What are the types of reconciliation in accounting?
Types of reconciliation include bank reconciliation, customer reconciliation, vendor reconciliation, and intercompany reconciliation, each helping to confirm accuracy in specific financial areas.
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