What do you mean by reconciliation?

Question

Accepted Answer

Reconciliation refers to 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.
Examples include bank statement reconciliation, inventory reconciliation, and account reconciliation.
Reconciliation is important for ensuring accuracy and integrity of financial and other records.
It can also help identify errors or fraud.
Reconciliation may involve manual or automated processes, depending on the complexity of the records being compared.

Accepted Answer

Reconcilation means a match nothing more than that so in simple language reconcilation is a matching of two things and in accounting language the reconcilation is called as bank reconcilation or brs and it means that the the recorded transactions in the GL(ledger)/book should be matched with the debit/credit side of the bank passbook.

Accepted Answer

Reconciliation is a process of analysing transactions of an account.

What do you mean by reconciliation?

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