What Does Accounts Reconciliation Mean?

Accounts reconciliation refers to the process of comparing financial records to ensure accuracy and consistency between different accounts or statements. It involves verifying and matching transactions, balances, and other financial data across various sources, such as bank statements, general ledger accounts, and financial reports. Reconciliation helps identify discrepancies, errors, or missing transactions, enabling businesses to maintain accurate financial records and detect potential fraud or mismanagement.

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