Reconciliation is the process of comparing financial records (ledgers, statements, balances) to ensure accuracy, consistency, and completeness in reporting. It detects errors, discrepancies, and fraud, and is critical for financial integrity.
Match credit card transactions with receipts and invoices, categorize expenses, and ensure all charges are properly recorded and authorized.
Ensure transactions between related entities are properly recorded and balanced across all subsidiary and parent company books.
Verify general ledger account balances against supporting documentation, identify variances, and ensure accuracy of financial statements.
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