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Answer Posted / h.r. sreepada bhagi
Reconciliation in accounting refers to matching the
accounting figures from 2 statements. For example Bank
reconciliation statement is prepared to tally the difference
between the statement of account from the bank and the bank
account maintained in the books of accounts of a company/firm.
Like wise the ledger account of a customer or a creditor can
be verified with the statement of account received from the
concerned customer or creditor (Supplier/vendor).
Purpose of any reconciliation is to list out the
transactions missing in either of the two statements, find
out the reasons and take necessary action to rectify the
same. It's a good practice to reconcile the accounts
periodically to ensure correct accounting.
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