
Account reconciliations in finance and accounting compare the general ledger balance of an account to independent systems, third-party data, or other supporting documentation to substantiate the balance stated in the general ledger. Reveloop accountants responsible for the reconciliation carefully review transactions and cross-reference them with multiple sources to verify the accuracy of those transactions in the composition of the balance. To reconcile different transactions to balances, Reveloop accountants usually compare the details in the business ledger to documents provided or maintained in outside sources, like a bank or vendor. These can include such documents as invoices, receipts, and transaction statements. Reveloop reconciliation function is inclusive but not limited to the following:
- Bank account reconciliations
- Credit card reconciliations
- Mortgage account reconciliations
- Escrow account reconciliations
- Line of credit account reconciliations
- Merchant account reconciliations
- Inter-company reconciliations
- Petty cash reconciliations
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