Reconciliation: Difference between revisions
imported>Administrator (CSV import) |
imported>Doug Williamson m (Spacing 20/8/13) |
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1. ''Accounting''. | 1. | ||
''Accounting''. | |||
A quantified explanation of the differences between two related amounts. | A quantified explanation of the differences between two related amounts. | ||
For example, an accounting reconciliation of reported operating profit to net operating cash flows. This statement explains why the figure for accounting profit differs from the net operating cash flows for the same period. Each item contributing to the net difference being quantified within the reconciliation statement. | |||
For example, an accounting reconciliation of reported operating profit to net operating cash flows. | |||
This statement explains why the figure for accounting profit differs from the net operating cash flows for the same period. | |||
Each item contributing to the net difference being quantified within the reconciliation statement. | |||
Another example is the comparison of a physical count of stock or other assets, compared with the amounts in financial or other records. | Another example is the comparison of a physical count of stock or other assets, compared with the amounts in financial or other records. | ||
Reconciliation checks are an important feature of internal control systems, to provide additional assurance about the completeness and accuracy of recording financial and other information. | Reconciliation checks are an important feature of internal control systems, to provide additional assurance about the completeness and accuracy of recording financial and other information. | ||
2. | 2. | ||
A quantified explanation of the change in any balance, over a time period. | A quantified explanation of the change in any balance, over a time period. | ||
Sometimes abbreviated to 'rec'. | Sometimes abbreviated to 'rec'. | ||
== See also == | == See also == | ||
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* [[Full reconciliation]] | * [[Full reconciliation]] | ||
* [[Tax reconciliation]] | * [[Tax reconciliation]] | ||
Revision as of 15:13, 20 August 2013
1.
Accounting.
A quantified explanation of the differences between two related amounts.
For example, an accounting reconciliation of reported operating profit to net operating cash flows.
This statement explains why the figure for accounting profit differs from the net operating cash flows for the same period.
Each item contributing to the net difference being quantified within the reconciliation statement.
Another example is the comparison of a physical count of stock or other assets, compared with the amounts in financial or other records.
Reconciliation checks are an important feature of internal control systems, to provide additional assurance about the completeness and accuracy of recording financial and other information.
2.
A quantified explanation of the change in any balance, over a time period.
Sometimes abbreviated to 'rec'.
