Get Vii Sco/calstars Reconciliation

Reconciliation is an accounting procedure that compares two sets of records to check that the figures are correct and in agreement. Reconciliation also confirms that accounts in a general ledger are consistent and complete.

a situation in which two people or groups of people become friendly again after they have argued: It took hours of negotiations to bring about a reconciliation between the two sides. [ U ] the process of making two opposite beliefs, ideas, or situations agree. SMART Vocabulary: related words and phrases.

Reconciliation reports provide summaries of your firm's work-in-process, billings, and accounts receivable, and enable you to see the flow of your firm's work over a specified period. These reports can serve as a check to verify that reports balance.

For example, an owner of a small business might reconcile their company's bank statements with their own company records of the transactions every month. If they find that the two sets of records do not match, it could be an indication that there are errors in their accounting records.

Here are the steps for completing a bank reconciliation: Get bank records. Gather your business records. Find a place to start. Go over your bank deposits and withdrawals. Check the income and expenses in your books. Adjust the bank statements. Adjust the cash balance. Compare the end balances.