Reconciliation Definition

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Definition Of Reconciliation:

Item by item examination of two related sets of figures obtained from different sources.
Most commonly, this term is applied to bank reconciliation.Other definition of Reconciliation- An accounting process used to compare twosets of records to ensure the figures are in agreement and are accurate. Reconciliation is the key process used todetermine whether themoney leaving an account matches the amount spent, ensuringthat the two values are balanced at the end of the recording period.At the end of every month it isa good idea to reconcile your checkbook by comparing your receipts with your bank statement.Among other advantages, this type of account reconciliation makes it possible to determinewhether money isbeing fraudulently withdrawn from anaccount.

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