Reconciliation

Reconciliation,

Definition of Reconciliation:

  1. 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.

  2. Item by item examination of two related sets of figures obtained from different sources. Most commonly, this term is applied to bank reconciliation.

  3. 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?

  1. The reconciliation of the bank statement and the companys accounting records prompted the company to hire a new head of the accounting department.
  2. 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.
  3. Companies must reconcile their accounts to prevent balance sheet errors, check for fraud, and reconcile the general ledger.
  4. In double-entry accounting, each transaction is posted as both a debit and a credit.
  5. Individuals also may use account reconciliation to check the accuracy of their checking and credit card accounts.
  6. 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

Reconciliation,

What is The Meaning of Reconciliation?

  1. You can define Reconciliation as, Matching is an accounting process that compares two sets of data to verify that the numbers are correct and complete. Account reconciliation also confirms that ordinary ledger accounts are permanent, accurate and complete.

    • Companies need to reconcile their accounts to avoid incorrect balances, investigate fraud and reconcile with their ledgers.
    • With double entry accounting, each transaction is recorded as debit and credit.
    • Users can also use account reconciliation to check and verify the accuracy of their credit card accounts.

  2. Meaning of Reconciliation: The process of analyzing two related records and, if there are any discrepancies between them, finding the reason and comparing the two records: for example a recent check with the monthly bank statements of the financial institution holding the accounts Comparing books.

  3. Compare the two numbers to show the basis of the difference between them.

Meanings of Reconciliation

  1. Restore friendly relations.

  2. The process of reconciling one point of view or belief with another.

  3. Integrated coordination of financial accounts.

Sentences of Reconciliation

  1. Reconciliation with his own uncle

  2. Strive for reconciliation between art and technology

  3. The coordination process should be in line with the business strategy

Synonyms of Reconciliation

reuniting, bringing (back) together (again)