Reconciliation Process

The reconciliation process is a method used to ensure that two sets of financial records agree with each other. It involves comparing and matching data from different sources, such as bank statements and company accounts, to identify any discrepancies or errors. If differences are found, adjustments are made to correct them. This process helps maintain accurate financial records, ensures accountability, and aids in detecting fraud or mistakes. In essence, reconciliation serves as a crucial check to confirm that all financial activities are accurately reported and accounted for.