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Reconciliation: The process of ensuring that two sets of financial records are in agreement.
Reconciliation is the process of ensuring that two sets of financial records are in agreement with each other. This process is typically used to compare the balances of two accounts, such as a company's bank account and its own accounting records, and to identify and resolve any discrepancies or errors.
The reconciliation process typically involves the following steps:
Reconciliation is an important process for ensuring the accuracy and integrity of a company's financial records. By carefully reconciling accounts on a regular basis, companies can identify and correct errors or discrepancies before they have a significant impact on their financial health or operations. Overall, reconciliation is an essential tool for maintaining the financial health and stability of a company.