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FinTech Glossary

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Reconciliation Statement

Definition

A reconciliation statement is a document that summarises differences between two financial records, such as bank statements and accounting books, and explains adjustments made to align them.

Purpose of Reconciliation Statements

These statements provide clarity on outstanding items, timing differences, or errors. They are used during audits, month-end closes, and financial reviews.

Why Reconciliation Statements Matter

Reconciliation statements improve transparency and accountability. They help auditors and stakeholders understand how balances are derived.

Business Use

Businesses use reconciliation statements to validate cash balances, track unresolved items, and support financial reporting accuracy.

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