Keyword Analysis & Research: reconciliation definition accounting

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What is a bank reconciliation and why is it important?

Why Bank Reconciliation is Important. Bank reconciliation is the procedure of comparing and matching figures from the accounting records against those shown on a bank statement. The result is that any transactions in the accounting records not found on the bank statement are said to be outstanding.

What does reconciliation mean in finance?

Financial reconciliation is the process of analyzing information in an account statement by comparing it to source documents in order to ensure the information is accurate and valid.

What is an example of reconciliation?

Use reconciliation in a sentence. noun. Reconciliation is the act of bringing people together to be friendly again or coming to an agreement. An example of reconciliation is two siblings who mend their relationship after a period of fighting.

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