Explain the Accountancy Term “Reconciliation” For me as a user of eTail Support

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Reconciliation refers to the process of comparing two sets of records to ensure that the amounts match and that the resulting balance is correct. In accounting, it is typically used to compare a company’s internal financial records with external sources of information, such as bank statements or credit card statements, to ensure that all transactions have been recorded accurately and that the company’s financial position is accurate. Reconciliation can also refer to the process of resolving discrepancies between the two sets of records. This process is important in ensuring the accuracy of financial statements and can help identify errors or fraud.

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