GeekInterview.com
Series: Subject: Topic:
Question: 63 of 66

what is reconciliation?

Asked by: Interview Candidate | Asked on: Nov 17th, 2005
Showing Answers 1 - 20 of 20 Answers
Ramesh Jayam

Answered On : Nov 17th, 2005

You should have recorded in your cash books all amounts youve actually received and payments youve 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.

Yes  1 User has rated as useful.
  
Login to rate this answer.
Vijaya Kumari . R

Answered On : 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

Yes  1 User has rated as useful.
  
Login to rate this answer.
Ananta Pattjoshi

Answered On : 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.

  
Login to rate this answer.
Anand Inamdar

Answered On : 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.

Yes  1 User has rated as useful.
  
Login to rate this answer.
magreth

Answered On : Apr 12th, 2006

getting two thing to correspond.

for example comparison between your check book and the bank statement

  
Login to rate this answer.
kotireddy

Answered On : Jul 27th, 2006

View all answers by kotireddy

CONSOLIDATION OF CASH BOOK AND PASSBOOK(BANK BOOK)

  
Login to rate this answer.
Omprakash

Answered On : Aug 7th, 2006

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

Yes  1 User has rated as useful.
  
Login to rate this answer.
kokila garg

Answered On : 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.

  
Login to rate this answer.
Babu Kundedar

Answered On : 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.

Yes  1 User has rated as useful.
  
Login to rate this answer.

Hi

Reconciliation is a process of matching and comparing figures from accounting records against those presented on a bank statement.

  
Login to rate this answer.
chandra2001

Answered On : Jan 19th, 2009

View all answers by chandra2001

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.

  
Login to rate this answer.

Reconciliation mean the compilation ofmore then onesource of ledgers, in other wordsa procedureto equal the balances withzero 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.

  
Login to rate this answer.
Santhosh

Answered On : 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

  
Login to rate this answer.
Anuj Gupta

Answered On : Sep 6th, 2011

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

  
Login to rate this answer.
Anuj Gupta

Answered On : Sep 6th, 2011

Difference between cash book & pass book.

  
Login to rate this answer.
Rajkumar

Answered On : Jun 10th, 2012

Reconciliation is nothing but rectifying the errors

  
Login to rate this answer.
Majid Shaikh

Answered On : Jun 18th, 2012

Reconcilation is finding difference between two statement

  
Login to rate this answer.
pushpa c bonal

Answered On : Jul 29th, 2012

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

  
Login to rate this answer.
srinivasreddy sama

Answered On : Nov 24th, 2012

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

  
Login to rate this answer.
A.KIRAN KUMAR

Answered On : Dec 7th, 2012

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

  
Login to rate this answer.

Give your answer:

If you think the above answer is not correct, Please select a reason and add your answer below.

Related Open Questions

Ads

Connect

twitter fb Linkedin GPlus RSS

Ads

Interview Question

 Ask Interview Question?

 

Latest Questions

Interview & Career Tips

Get invaluable Interview and Career Tips delivered directly to your inbox. Get your news alert set up today, Once you confirm your Email subscription, you will be able to download Job Inteview Questions Ebook . Please contact me if you there is any issue with the download.