Reconciliation Meaning

Reconciliation is a very important step for the banks and every banker is expected to perform reconciliation at the end of month so as to ensure that there is no error. Now the question is what does it mean, well in simple words it is the method in which the bank account or statement is matched with the passbook of account holder so as to check whether there are any discrepancy between the two and if there is some difference then reasons for it are found and are corrected so as to ensure that both show the same balance. It is also called bank reconciliation.

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