What is reconciliation?

Showing Answers 1 - 21 of 21 Answers

Ramesh Jayam

  • Nov 17th, 2005
 

You should have recorded in your cash books all amounts you’ve actually received and payments you’ve actually made. However, the cash books may be incomplete as your bank may have put extra transactions through your account, such as:

  • bank fees or interest charges
  • direct debits (payments) and direct credits (receipts).

Doing a regular bank reconciliation will allow you to:

  • take into account any extra transactions your bank puts through your account, and
  • check and record any errors or omissions.

By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.

Vijaya Kumari . R

  • Nov 23rd, 2005
 

Reconciliation is the statement prepared at a given period inorder to reconcile the cash book with the passbook to ensure the correctness of the balances

Ananta Pattjoshi

  • Mar 20th, 2006
 

Reconciliation is the way to make a check of your regeivable and payment through a regular intererval,which will ensure you to know the correct position of your bank account.

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Anand Inamdar

  • Mar 24th, 2006
 

Hi,

Reconciliation means to cross check the bank statement and pass book/cash regisers.

anybody wants to add more, pls let me know.

magreth

  • Apr 12th, 2006
 

getting two thing to correspond.

for example comparison between your check book and the bank statement

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Omprakash

  • Aug 7th, 2006
 

Hi,Greetings!Reconciliation means cross verification of two statements whether showing the same result.Regards.Omprakash.

kokila garg

  • Aug 14th, 2006
 

In reconcilation u ve to reconcile your cash book to Pass book. In case any error occur u have to find the reasons.

errors can be occured by following reasons:-

1) bank interest

2) check issued but not presented for payment.

3) check deposited but payment not made.

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Babu Kundedar

  • May 2nd, 2007
 

Reconciliation statement is a statement where we reconcile the statement with pass book and cash book. In other words its the detection of an errors but not rectification of errors.

chandra2001

  • Jan 19th, 2009
 

In accounting, reconciliation refers to a process that compares two sets of records (usually the balances of two accounts) to make sure they are in agreement.

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Reconciliation mean the compilation of more then one source of ledgers, in other words a procedure to equal the balances with zero difference and point out the differences is called reconciliation.

We can reconcile the ledgers between:

Creditors and Our book
Debtor and Our book
Bank and Our book.
Sub Debtor/Creditor with Our book.

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Santhosh

  • Jul 18th, 2011
 

To ascertain exact balance what it is and what it should be. and to compare exact balances of cash book and pass book

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Anuj Gupta

  • Sep 6th, 2011
 

Reconciliation - It"s a very simple meaning " Reconciliation difference between pass book & cash book".And To exact balance cash book & passbook.

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Anuj Gupta

  • Sep 6th, 2011
 

Difference between cash book & pass book.

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Rajkumar

  • Jun 10th, 2012
 

Reconciliation is nothing but rectifying the errors

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Majid Shaikh

  • Jun 18th, 2012
 

Reconcilation is finding difference between two statement

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pushpa c bonal

  • Jul 29th, 2012
 

Reconciliation is statement it shows the difference between the bank statement and cash book

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srinivasreddy sama

  • Nov 24th, 2012
 

Bank reconciliation means comparison between bank pass book and company pass book.

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A.KIRAN KUMAR

  • Dec 7th, 2012
 

BRS is a find out the uncommon adjustments of cashbook and pass book.

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SATISH M

  • Jun 11th, 2014
 

To reconcile the difference between bank balance shown by cash book and pass book.

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