Definition of Reconciliation:
Account reconciliation is particularly useful for explaining the difference between two financial records or account balances. Some differences may be acceptable because of the timing of payments and deposits. Unexplained or mysterious discrepancies, however, may warn of fraud or cooking the books. Businesses and individuals may reconcile their records daily, monthly, or annually.
Item by item examination of two related sets of figures obtained from different sources. Most commonly, this term is applied to bank reconciliation.
Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Account reconciliation also confirms that accounts in the general ledger are consistent, accurate, and complete.
Synonyms of Reconciliation
Acceptance, Accommodation, Accord, Accordance, Acquiescence, Adaptation, Adaption, Adjustment, Agreement, Amity, Appeasement, Arbitration, Assimilation, Attunement, Coaptation, Comfort, Compatibility, Compliance, Composure, Compromise, Conciliation, Concord, Conformance, Conformation other-direction, Conformity, Congruity, Consistency, Content, Contentedness, Contentment, Conventionality, Coordination, Correspondence, Detente, Ease, Entire satisfaction, Euphoria, Flexibility, Fulfillment, Happiness, Harmonization, Harmonizing, Harmony, Integration, Keeping, Line, Making up, Malleability, Mollification, Obedience, Observance, Orthodoxy, Pacification, Peace of mind, Placation, Pliancy, Propitiation, Rapport, Rapprochement, Reconcilement, Regulation, Resignation, Reunion, Satisfaction, Satisfying, Settlement, Squaring, Strictness, Synchronization, Timing, Traditionalism, Understanding, Uniformity, Well-being
How to use Reconciliation in a sentence?
- The reconciliation of the bank statement and the companys accounting records prompted the company to hire a new head of the accounting department.
- I noticed my online statement total did not match the statement total I received in the mail, so I would have to do some reconciliation to find out why they differ.
- Companies must reconcile their accounts to prevent balance sheet errors, check for fraud, and reconcile the general ledger.
- In double-entry accounting, each transaction is posted as both a debit and a credit.
- Individuals also may use account reconciliation to check the accuracy of their checking and credit card accounts.
- Jane was concerned that her data set might be incorrect, however when two other sets created reconciliation with her own set, she was over joyed.
Meaning of Reconciliation & Reconciliation Definition