What is detailed?

reconciliation

Detailed reconciliation refers to a process of comparing two sets of financial records and ensuring that they balance with each other to the last penny. It involves meticulously reviewing all financial transactions and verifying that all entries in the general ledger and subsidiary ledgers match with each other. The objective of detailed reconciliation is to identify any discrepancies between the two sets of records, investigate them, and resolve them so that both sets of accounts are accurate and up to date.

Detailed reconciliation plays a vital role in financial management and helps ensure that financial statements and reports accurately reflect the company's financial position. It helps identify errors, fraud, and other issues that may impact financial data accuracy. The process involves analyzing financial transactions, bank statements, invoices, and other financial documents and comparing them against the company's books.

Detailed reconciliation can be a time-consuming and tedious process, but it's an essential aspect of financial management that ensures the company's financial records are accurate, reliable, and compliant with regulatory requirements. It's typically carried out by accountants, financial analysts, or auditors, who have a keen eye for detail and are familiar with accounting principles and practices.