Balance Sheet Reconciliation
Noun. [ bal–uhns•sheet•rek-uhn-sil-ee-ey-shuhn]
- Accrued Dictionary definition: A regular health check-up to make sure a company’s systems are working together and running smoothly. An accountant checks each and every system, from the cardiovascular to the digestive, to make sure that if something needs extra care they can provide it. The check-up takes expertise, since an accountant must not only diagnose a patient in need, but nurse them back to health and provide tips on nutrition and recovery.
// ”The doctor said our balance sheet reconciliation came back healthy and we’re on the right track.”
- Textbook definition: Balancing the amount on your balance sheet, general ledger, and accounts and the details that make up those balances, while ensuring that any differences are adequately and reasonably explained.
// ”The accountant performed a balance sheet reconciliation to ensure the accuracy of its financial statements.”
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