Account Reconciliation – How?
Account Reconciliation – How? Learn the three key attributes to perfom account reconciliation.
Account Reconciliation Process
Validation of the accuracy of an account balance is achieved by doing financial verification as well as physical inspection.
Confirmation is done with other parties and/or other procedures are performed on a periodic basis to complete reconciliation process.
The three steps are depicted in the attached image.
- Financial Validation
- Physical Verification
- Confirmation
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Account Reconciliation – How? Learn the three key attributes to perfom account reconciliation.
