In the general ledger, every transaction is recorded twice, once as a debit and as a credit. General ledger reconciliation is then defined as ensuring that each transaction is recorded correctly and placed in the appropriate account as a credit and debit.

What is a reconciliation in accounts?

What Is Reconciliation? Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Reconciliation also confirms that accounts in the general ledger are consistent, accurate, and complete.

What are the 3 types of reconciliation?

There are five main types of account reconciliation: bank reconciliation, customer reconciliation, vendor reconciliation, inter-company reconciliation and business-specific reconciliation. Let's explore each one of them in detail.