What does reconciliation mean?

DEFINITION of 'Reconciliation'

An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent, ensuring the two values are balanced at the end of the recording period.

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It is an accounting/business process used to compare two sets of records to ensure the figures are in agreement and are accurate.

If both can understand each other's peculiarities, respect the same like similarities, then there is a Reconciliation between people; product and profit

Reconciliation" is coming to an agreement over differences. Usually it refers to big disagreements rather than small ones (see the Truth and Reconciliation Commission in South Africa after Apartheid) and it usually refers to a long process rather than a quick one-time event.

Reconciliation is when people make an agreement to forgive each other for what ever problems they have had in the past so they can move on with their relationship or business.

reconciliation [ ˌrekənˌsilēˈāSHən ]  NOUN

1. the restoration of friendly relations: "his reconciliation with your uncle" synonyms: reuniting · reunion · bringing together (again) · conciliation ·  More
2. the action of making one view or belief compatible with another: "he aims to bring about a reconciliation between art and technology"

I'm Agree With Mr. Vinod Jetley  In His Answer

 

1. the restoration of friendly relations."his reconciliation with your uncle"synonyms:reuniting, reunion, bringing (back) together (again), conciliation,reconcilement;pacification, appeasement, placating, propitiation, mollification"the reconciliation of the disputants"resolution, settlement, rectification;settling, resolving, mending, remedying"a reconciliation of their differences"restoration of friendly relations, restoration of harmony, agreement, compromise, understanding, peace, an end to hostilities, amity, concord;rapprochement, détente;informalfence-mending"there was little hope of reconciliation between the two groups"harmonizing, harmonization, synthesis, squaring, adjustment, balancing;raresyncretization"the reconciliation of scientific philosophy with clinical practice"antonyms:estrangement, alienation, feud, incompatibility
2. the action of making one view or belief compatible with another."any possibility of reconciliation between such clearly opposed positions"

Its a Comparison of two sets of records.Its a form of Internal Control.

Reconciliation is the act of bringing people together to be friendly again or coming to an agreement.