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What does it mean to reconcile something?
transitive verb. 1a : to restore to friendship or harmony reconciled the factions. b : settle, resolve reconcile differences. 2 : to make consistent or congruous reconcile an ideal with reality. 3 : to cause to submit to or accept something unpleasant was reconciled to hardship.
What does reconciliation mean in simple words?
: the act of causing two people or groups to become friendly again after an argument or disagreement. : the process of finding a way to make two different ideas, facts, etc., exist or be true at the same time. See the full definition for reconciliation in the English Language Learners Dictionary. reconciliation. noun.
What does reconciling payments mean?
1. What is Payment Reconciliation? When bank statements arrive, the costs and payments are cross-checked to ensure finances are correct. In essence, payment reconciliation is a method of bookkeeping that compares internally logged financial records with bank statements to ensure accounting is correct.
What is another word for reconciling?
Some common synonyms of reconcile are accommodate, adapt, adjust, and conform.
How do you reconcile someone?
Reconciliation requires honesty. Whether you were the offender or the offended, prepare to hear things about yourself that you may not like. Be willing to admit that you were wrong, that you were hurt, and to see things from the other person’s perspective. Your desire and willingness to reconcile shows your strength.
What are the steps in account reconciliation?
The reconciliation process at the account level typically comprises the following steps:
- Beginning balance investigation. Match the beginning balance in the account to the ending reconciliation detail from the prior period.
- Current period investigation.
- Adjustments review.
- Reversals review.
- Ending balance review.
What is AP reconciliation?
AP reconciliation is used to reconcile checks that were paid out for grants, admin vouchers and scholarships; anything that would be paid out of your checking account. You can also choose to instead reconcile checking in FACTS if your checking account will participate in asset rebalancing. That is a separate process.
How do you reconcile with someone?
What does reconciled mean in bank terms?
bank reconciliation. noun. The definition of bank reconciliation is the process of comparing your bank statement with the balance provided by the bank to make sure that all deposits, withdrawals, checks and payments are correctly entered.
What does “reconcile” mean in accounting terms?
In accounting, reconcile means to compare two sets of documents to make sure they are in agreement. One of those sets of records is usually a financial account statement, the other is typically your company’s accounting spreadsheet.
What does reconciliation really mean?
Reconciliation is the act of bringing people together to be friendly again or coming to an agreement. An example of reconciliation is two siblings who mend their relationship after a period of fighting. YourDictionary definition and usage example. “Reconciliation.”.
What are the types of reconciliation?
Two common reconciliation methods are classic bank reconciliations and the cash flow statement, which is an internal accounting report. The cash flow statement is only necessary for companies using the accrual accounting method.