1What is a reconciliation ? and reconciliation types?

Question

Accepted Answer

Reconciliation is the process of comparing two sets of records to ensure their accuracy and consistency.

Reconciliation is a financial term used to verify and match transactions between two accounts or statements.
It helps identify discrepancies, errors, or missing entries in the records.
Types of reconciliation include bank reconciliation, account reconciliation, and intercompany reconciliation.
Bank reconciliation involves comparing bank statements with the company's records to ensure all transactions are accounted for.
Account reconciliation involves comparing general ledger accounts with subsidiary records to ensure accuracy.
Intercompany reconciliation is performed between different entities within the same organization to ensure consistency in financial reporting.

Accepted Answer

process of comparing transactions 4 type

Accepted Answer

Reconciliation means summary of verification against system V/s actual physical data details ex-stock reconciliation

Accepted Answer

Accepted Answer

Reconciliation means comparing ditterent sets of data in order to check that they are in agreement.

Types:-

1. Bank reconciliation

2. Vendor reconciliation

3. Customer reconciliation

4. Business specific reconciliation

5. Credit Card reconciliation

6. Balance sheet reconciliation

7. Cash reconciliation

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