Account Reconciliation
/ˈæk.aʊnt ˌrɛk.ənˌsɪ.liˈeɪ.ʃən/
Definitions
- (n.) The process of verifying and ensuring accuracy and consistency between two sets of accounting records, typically to reconcile bank statements with internal ledgers.
The accountant completed the account reconciliation to confirm all transactions matched the bank statement.
Forms
- account reconciliation
Related terms
See also
Commentary
Account reconciliation is critical for legal compliance in financial reporting and fraud prevention; precise documentation supports evidentiary standards in audits and litigation.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.