Reconciliation

Parent Category: Accounting

The process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent. This is done by making sure the balances match at the end of a particular accounting period. The the Sarbanes-Oxley Act of 2002 has emphasized the need for balance sheet account reconciliation to be included within a company's own procedures. An efficient, accurate, and timely financial close cycle (beginning with the account reconciliation process) can create a foundation for evaluating business performance, supporting organizational decisions, and satisfying external reporting requirements

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