If you’re not familiar with account reconciliation, it’s the process of comparing and verifying that two sets of records (like your company’s accounting records and bank statements) are in agreement. This process helps ensure that your company’s financial records are accurate and up-to-date.
During the reconciliation process, any discrepancies between the two sets of records are identified and investigated. This may involve tracking down missing receipts or invoices, or making adjustments to your company’s accounting records to reflect any transactions that have not yet been recorded.
By following a systematic process, you can ensure that your accounts are reconciled accurately and efficiently, and can make informed decisions about the management of your finances.