Accounting Dictionary - Letter R

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Reconciling item
is one or several differences between compared records (balances) in an accounting reconciliation. Reconciling items may or may not require adjustments in accounting records. For example, on a bank reconciliation checks outstanding are reconciling items which don't require adjustments in accounting records. On the other hand, an error in posting interest expense identified as a reconciling item on a bank reconciliation may require an adjustment in accounting records.
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