How we account reconcillation is neccessary for accounting? Anyone Explain in detail about reconcillation?
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Atsakyti
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Rodiniai
Vikram,
Reconciliation is ofcourse very important. It simply means to close your entries which are satisfied by contra action.
When you have to get paid by your customer, you are waiting ! When he pays you, you close the Hisaab! This closing of expected v/s. received is reconciliation.
http://en.wikipedia.org/wiki/Reconciliation_%28accounting%29 should help you more!
Thanks.
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