What is reconciliation?

Question

Accepted Answer

Reconciliation is the process of comparing two sets of records to ensure they are in agreement.

It involves identifying and resolving any discrepancies between the two sets of records.
Common examples include bank statement reconciliation, inventory reconciliation, and accounts receivable reconciliation.
Reconciliation is important for ensuring accurate financial reporting and identifying any errors or fraud.
It can be done manually or with the help of software tools.
The process typically involves verifying the accuracy of transactions, identifying any missing or duplicate entries, and making necessary adjustments.
Reconciliation is an ongoing process that should be done regularly to ensure the accuracy and integrity of financial records.

Accepted Answer

It is important for ensuring accurate financial reporting and identifying any errors or frauds

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