Reconciliation (accounting)
- Reconciliation (accounting)
In accounting, reconciliation refers to a process that compares two sets of records (usually the balances of two accounts) to make sure they are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent, this is done by making sure the balances match at the end of a particular accounting period.
Well reconciliations refers to two sets of records (what is being put in the well to what actual costs are being spent). Each account is given a work breakdown structure number (WBS) that will determine the cost of the well. The two numbers are compared to assure that they balance at the end of the accounting cycle. There is usually a difference.
See also
*Bank reconciliation
Wikimedia Foundation.
2010.
Look at other dictionaries:
Reconciliation — may refer to:* Reconciliation (Josefina de Vasconcellos), a sculpture by Josefina de Vasconcellos * Bank reconciliation * Reconciliation bill * Reconciliation process * Reconciliation (Accounting) * Confession, or Reconciliation, a Christian… … Wikipedia
reconciliation statement — ➔ statement * * * reconciliation statement UK US noun [C] (also reconciliation) ► ACCOUNTING a document that compares different financial accounts, amounts, etc. in order to check that they add up to the same total or to explain any differences… … Financial and business terms
Accounting software — is application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. It functions as an accounting information system. It may be developed… … Wikipedia
Accounting (UIL) — Accounting is one of several academic events sanctioned by the University Interscholastic League. The contest began in the 1986 87 scholastic year.Accounting is designed to test students understanding of general accounting principles and… … Wikipedia
reconciliation — UK US /ˌrekənˌsɪliˈeɪʃən/ noun [C or U] ► ACCOUNTING the process of comparing different financial accounts, amounts, etc. in order to check that they add up to the same total or to explain any differences between them: »We haven t done a… … Financial and business terms
accounting — I (New American Roget s College Thesaurus) Keeping of financial records Nouns 1. (act of accounting) accounting, accountance, accountancy, bookkeeping, audit, calculation (See numeration), commercial or business arithmetic; cost or managerial… … English dictionary for students
Reconciliation — An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent, ensuring that… … Investment dictionary
reconciliation statement — In accounting, a statement prepared to bring two or more accounts which show a discrepancy into agreement … Black's law dictionary
Bank reconciliation — is the process of matching and comparing figures from accounting records against those presented on a bank statement. Less any items which have no relation to the bank statement, the balance of the accounting ledger should reconcile (match) to… … Wikipedia
Partnership accounting — When two or more individuals engage in an enterprise as co owners, the organization is known as a partnership. This form of organization is popular among personal service enterprises, as well as in the legal and public accounting professions. The … Wikipedia
