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Account Reconciliation
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Balance Sheet accounts need to be reconciled at the end of the accounting period. This process is necessary to ensure the flow of transactions and ending balance in the balance sheet accounts are correct.

The reconciliation confirms that the money leaving an account matches the amount that's been spent, and that two are balanced at the end of the accounting period.

An account reconciliation should describe and document what is included in the ending balance and should indicate whether it is correct. If the ending balance in the account is not correct, an action plan needs to be implemented to specify how and when the balance will be corrected.

Some of the reasons why small businesses need to prepare account reconciliations
  •    To ensure the ending balance in the general ledger account is correct
  •    To eliminate fraud and integrity concerns
  •    To help operate the business with an accurate picture of account composition

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