What is the meaning of reconcile account ?

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Question : What is the meaning of reconcile account ? Answer : Reconciliation of your accounts on time of payment can help you identify errors and to minimize the risk of losses due to fraud or theft. By automating the process of reconciliation, you can save time, improve accuracy and to release their staff to engage in conduct other essential business functions. ( You can see sample of balance sheet account reconciliations )

Check Reconciliation

Because the checks are processed at Banks, information about the character recognition for Magnetic Ink (MICR) is captured and stored in the system for reconciliation of account: the check number, date of payment and the dollar amount of check. Choose from a complete or partial reconciliation.

Full Reconciliation

The report lists the complete reconciliation of paid and outstanding checks in sequential order of the serial number. The report shows the amount of the check, the payment date, the date of issue and the sequence number processing bank. Your company must provide detailed information of the check register for the system to perform the reconciliation process BankAtlantic match and produce the report of complete reconciliation. You may mail the report form or full reconciliation can access it from your PC through the Internet banking system for BankAtlantic. ( example of Bank Statement Reconciliation Form )

You provide us with detailed information on the issue of checks through the secure transfer of files over the Internet We add information about the issuance of checks to a pending, against which we compare and make the checks paid We will send you the full report of reconciliation with the following information to update your accounts payable: List of checks paid, list of outstanding checks, exception report, items paid, no cast, summary balances

Partial Reconciliation

The report provides a partial reconciliation of the checks paid listed in order of the serial number of the check, along with the date of payment and the dollar amount of each check paid in the period defined by your company. Your staff can easily compare the report accompanying the paper account statement with your check register. You can also access the report through your PC with the internet banking system of Banks as a data file. A data file containing information about the checks paid Banks will allow your company to automate the reconciliation process. The data serve as input to its system of internal reconciliation checks where the check register and paid information items can be compared electronically.

It's provided a list of items paid by account statement cycle

The reports accompanying the paper bank statement: the information includes the serial number, reference number, the amount and payment date Information is available online

Benefits reconciliation of account:

Savings

Save time and money by automating the reconciliation process, which is labor

Control

• Increase the accuracy and timeliness of account information
• Improves audit control and warning of any fraudulent activity

Efficiency

• Simplify your accounting tasks
• Accelerates problem resolution and reduces the exceptions of publishing errors
• Streamlines and simplifies the investigation of checks

Here is complete meaning of "What is the meaning of reconcile account ?"