Financial Glossary: Reconciliation


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Reconciliation

Reconciliation

Adjusting one's checkbook balance to match a bank Statement.

It is the act of confirming that the balance in your check register matches the corresponding balance on the Statement you get from your credit union. An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent, ensuring that the two values are balanced at the end of the recording period.

At the end of every month it is a good idea to reconcile your checkbook by comparing your receipts with your bank Statement. Among other advantages, this type of account reconciliation makes it possible to determine whether money is being fraudulently withdrawn from an account.

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