What is the process of Reconciliation?

Question

Accepted Answer

Reconciliation is the process of comparing two sets of records to ensure they are in agreement.

Identify the two sets of records to be compared
Match the records based on a common identifier
Investigate and resolve any discrepancies
Update the records to reflect the correct information
Examples include bank statement reconciliation, inventory reconciliation, and account reconciliation

Accepted Answer

Reconciliation refers to comparing two sets of Data/record to ensure they are consistent, accurate and in agreement with each other's.

Types of Reconciliations:

Trade Reconciliation: Involves comparing & reconciling trade details such as Quantity, Price, Parties to trade and settlement date.
Position Reconciliation: aims to match and reconcile Holdings/Positions of securities between Internal Systems and Custodian/clearing corporation.
Cash Reconciliation: is the process of comparing and reconciling the cash balances recorded in a company's accounting records with the actual cash balances in its bank accounts. This process is important to ensure the accuracy and completeness of a company's financial records and to identify any discrepancies or errors that need to be resolved.

Accepted Answer

Reconciliation is the process of comparing transaction and activities to supporting documentation.  Further reconciliation are involved and resolved the any discrepancies that have may been destroyed.

Accepted Answer

It's is a statement showing bank book and cash book,

Main objective is verfying, rectifying, correcting and passing the entries as per statement

Asked in Accenture and 5 others

What is the process of Reconciliation?

Interview Questions from Popular Companies