What is Reconciliation Summary?
What does 'Reconciliation Summary' mean?
Reconciliation is the process of comparing transactions that have been recorded internally with monthly statements from external sources such as banks to discover whether there are any inconsistencies and, if so, to correct them. Use the Reconciliation Summary report to keep track of whether or not reconciliations were performed within the allotted period. The first report is generated using the Report By prompt in the POV section. This report presents the Actual and Plan completion data and allows you to analyse the status of reconciliations depending on the Report By settings. The reconciliation statement aids in identifying discrepancies between the bank and book balances so that appropriate changes or repairs can be made. Once a month, an accountant processes reconciliation statements.
List of software with Reconciliation Summary functionality
About the reviewer
Rajat Gupta is the founder of Spotsaas. Over the past two years, he has reviewed 2,000+ tools across CRM, HR, AI, and finance — applying hands-on product research and a background in commerce and the CFA program to evaluate software through a business and ROI lens. His goal: help teams make software decisions they won't regret.
Disclaimer: This research has been collated from a variety of authoritative sources. We welcome your feedback at [email protected].