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Answer Posted / suman
A form that allows individuals to compare their personal
bank account records to the bank's records of the
individual's account balance in order to uncover any
possible discrepancies.
Since there are timing differences between when
data is entered in the banks systems and when data is
entered in the individual's system, there is sometimes a
normal discrepancy between account balances. The goal of
reconciliation is to determine if the discrepancy is due to
error rather than timing.
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