reconciliation is an accounting process in which two sets of records are compared to make sure that the figures are in agreement. these sets of records are usually account balances. in simpler terms, reconciliation is a process that confirms whether the money leaving an account is the same amount that is spent. for example, ? is a ? man who keeps all of his receipts and wants to ensure that his household's money is secure and going to the right places. he reconciles his checkbook and credit card accounts by pulling out his check copies and debit and credit card receipts and comparing them to his bank and credit card's statements for the month. after carefully reviewing each record, ? notices a discrepancy between a restaurant bill and an entry on his credit card statement. he was billed twice for the same dinner at a restaurant. ? first calls ? his bank to confirm that his was indeed billed twice, then he calls the restaurant and politely ask the manager to refund the money to his card. the restaurant manager refuses unless ? can produce evidence to support his claim. ? drives to the restaurant with his bill from the evening and shows it to the manager. ? receives a full refund and one free dinner ?. account reconciliation is also important for businesses as it allows them to spot signs of fraud and prevent errors on their balance sheets. businesses typically use accounting software to help them perform their reconciliations. account reconciliations are an effective way to keep a diligent eye on everything from household budgets to the finances of publicly traded companies.
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