What is Financial Reconciliation?
In simple terms, financial reconciliation means to compare two sets of financial records. The process ensures that the records are accurate and aligned. It often involves matching internal financial records, like ledger entries, with external documents such as bank statements, invoices, or payment confirmations. The goal is to ensure that the records reflect the true position of a business. This is accomplished by identifying and resolving discrepancies.
For example, a retailer processes multiple transactions in a single day. If the records are simultaneously reconciled, one can ensure accurate matching of the sales data. The process is important for preventing issues like undetected fraud, accounting errors, or mismanaged finances.
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