is the process of balancing records. An example is when an individual balances a checking account record with the monthly bank statement. Once the records accurately agree, the checking account has been reconciled.
To compare the results obtained from using two different sources of data, e.g. comparing the balance obtained from a financial report generated by a departmental shadow system to the same balance that is obtained using data from the official campus financial information system, FIS.
To verify the data entered into Keep In Touch is accurate by comparing it to the data provided in a bank statement.
a method of calculating the correct amount of cash in a bank account by taking the opening balance of the account, adding any receipts, deducting any disbursements (not including outstanding checks), and comparing the result with the bank statement ending balance.
To reconcile is to account for the difference between two related records (e.g. account for the difference between the month-end balance on the bank statement and the month-end balance in the accounting records or books of account.
To work out. You should always reconcile your bank statement with your checkbook within 72 hours of receiving the statement.
A schedule establishing agreement between separate sources of information, such as accounting records reconciled with the financial statements
To account for the difference between two amounts.
To balance to a separately maintained set of data.
The process of determining that a checkbook balance matches the financial institution's balance for an account.