Reconciliation and Report card: Difference between pages

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1. ''Cash management and accounting''.  
A quantitative ranking of a financial institution’s level of service and customer responsiveness.  


A reconciliation is a quantified explanation of the differences between two related amounts.
The use of report cards is widely applied to measure financial institutions’ service levels.
 
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.
 
 
A very important example is the reconciliation of bank statement balances with the amounts in the customer organisation's internal records.
 
 
Another common accounting example is the 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 is 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.
 
 
 
2.
 
More generally, a reconciliation is a quantified explanation of the change in any balance, over a time period.
 
 
''Sometimes abbreviated to 'rec'.''




== See also ==
== See also ==
* [[Bank reconciliation]]
* [[Key performance indicator ]]
* [[Cash flow]]
* [[Service level agreement]]
* [[Cash management]]
* [[Full reconciliation]]
* [[Profit]]
* [[Tax reconciliation]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Compliance_and_audit]]

Revision as of 09:46, 9 October 2013

A quantitative ranking of a financial institution’s level of service and customer responsiveness.

The use of report cards is widely applied to measure financial institutions’ service levels.


See also