What Does Reconciliation Mean in Accounting?
Account reconciliation is the process of comparing internal financial records against monthly statements from external sources—such as a bank, credit card company, or other financial institution—to make sure they match up.1 Knowing how to reconcile your accounts accurately is essential for the financial health of your business, as it helps to detect any errors, discrepancies, or fraud.
Original Article Source Credits: The Balance , https://www.thebalance.com/
Article Written By: SHELLEY ELMBLAD
Original Article Posted on: April 29, 2020
Link to Original Article: https://www.thebalance.com/what-is-account-reconciliation-1293657