Eric Nenninger
Grant Taylor
Search results
Learn the meaning of reconciliation as a noun, its synonyms, examples, and word history. Find out how reconciliation is used in different contexts, such as the Roman Catholic sacrament, the US government process, and the Freedom Monument Sculpture Park.
Learn the meaning of reconciliation in English, with synonyms, collocations, and usage examples. Find out how to use reconciliation in different contexts, such as accounting, politics, or personal relationships.
Learn the meaning and origin of reconciliation, a word that can refer to the act of ending a conflict, accepting a situation, or making things consistent. Find out how to use reconciliation in sentences and explore related words and synonyms.
- What Is Reconciliation?
- How Reconciliation Works
- Types of Reconciliation
- The Bottom Line
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 ledgerare consistent and complete. Reconciliation can be used for personal as well as business purposes. Account reconciliation is particularly useful for explain...
There is no standard way to perform an account reconciliation. However, generally accepted accounting principles (GAAP) require double-entry bookkeeping—where a transaction is entered into the general ledger in two places—making it the most prevalent tool for reconciliation among businesses. In double-entry bookkeeping, every financial transaction ...
Reconciliation for individuals
Many people reconcile their checkbooks and credit card accounts periodically by comparing their written checks, debit card receipts, and credit card receipts with their bank and credit card statements. This type of account reconciliation makes it possible to check for errors and detect any possible fraud. It's also a good way for someone to get an overall picture of their spending. When an account is reconciled, the statement's transactions should match the account holder's records. For a che...
Reconciliation for businesses
Companies need to reconcile their accounts to prevent balance sheet errors, check for possible fraud, and avoid adverse opinions from auditors. Companies generally perform balance sheet reconciliations each month, after the books are closed for the prior month. This type of account reconciliation involves reviewing all balance sheet accounts to make sure that transactions were appropriately booked into the correct general ledger account. It may be necessary to adjust some journal entriesif th...
Reconciliation serves an important purpose for businesses and individuals in preventing accounting errors and reducing the possibility of fraud.
- $500
- 2 min
- $2,000
Learn the meaning, pronunciation and usage of the word reconciliation, which means an end to a disagreement or conflict and the start of a good relationship again. See examples of reconciliation in different contexts and topics.
Learn the formal meaning of reconciliation as an act of making people or groups friendly again or as a process of making different ideas or facts true at the same time. See examples and usage of the word in sentences.
Learn the meaning, synonyms, and usage of the verb reconcile, which can mean to restore friendship, harmony, or agreement, or to make consistent or congruous. See examples, word history, and related phrases of reconcile.
