"Reconciliation balances" refers to the process of reconciling account balances or transaction data to ensure they are accurate and consistent. This process is often used in accounting and finance to verify the accuracy of financial records and identify any potential errors or discrepancies.
Typical functions of software in the "Reconciliation balances" domain include:
Import of account data: The software allows for the import of account balance or transaction data from various sources such as accounting systems, bank statements, or other databases.
Reconciliation functions: The software provides functions for reconciling account balances to determine whether the recorded balances match the expected balances.
Automated reconciliation processes: The software conducts automated reconciliation processes to compare transactions or balances between different accounts or data sources and identify discrepancies.
Error detection and resolution: The software supports the identification of errors or discrepancies in the account data and provides mechanisms for error resolution and correction.