Reconciliation is the process of comparing two different sets of records to make sure they are in agreement. For example, when a person reconciles their checkbook with their bank statement, they are going over every charge to make sure there are no discrepancies and to ensure the amounts are all equal.

Previous Terms: 1031 Exchange, 1035 Exchange, AARP, Abeyance, Abstraction Principle, Accelerated Amortization, Acceptance Credit, Acceptance of a Bill of Exchange, Accommodation Bill, Accommodation Endorser