Reconciliation In Accounting
Back to GlossaryWhat is Reconciliation In Accounting? Reconciliation in Accounting is the process of comparing financial records—such as bank statements, sub-ledgers, or internal reports—with corresponding entries in the general ledger to ensure accuracy and consistency. It helps identify discrepancies, such as missing transactions, errors, or fraud, and ensures that financial statements reflect the true financial position of the organization. For finance leaders, regular and automated reconciliation is critical for maintaining data integrity, supporting audit readiness, and enabling timely financial close. It also strengthens internal controls and reduces the risk of material misstatements.
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