What is the meaning of reconciliation in finance

Posted on 06.06.2019 by Admin
Reconciliation provides consistency and accuracy in financial accounts. The word finance was originally a French word. Use 'bank reconciliation' in a Sentence.
If we trace the origin of finance, there is evidence to prove that it is as old as human life on earth. Meaning of bank reconciliation in English. If the bank balance shown in companies accounts confirmed correct by comparing it with bank balance it shows that bank transactions have been correctly recorded in companies accounts. In the form of currency notes, other valuables, etc. The bank reconciliation needed to be performed at the end of the month so we had to work overtime yesterday.
Some differences may be acceptable due to the timing of payments and deposits. It confirms whether the money leaving an account matches the amount that's been spent, and ensures the two are balanced at the end of the recording period. To perform any economic activity, we need certain resources, which are to be pooled in terms of money. Cash is the most risky asset of an entity. Reconciliation is an accounting process that uses two sets of records to ensure figures are correct and in agreement. What is the pronunciation of bank reconciliation.