reconciliation

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Reconciliation

The restoration of peaceful or amicable relations between two individuals who were previously in conflict with one another.

Reconciliation ordinarily implies forgiveness for injuries on either or both sides. The term is often applied to the parties to a Divorce who cease proceedings for the dissolution of their marriage upon a resolution of their differences. Reconciliation is used interchangeably with conciliation.

reconciliation

noun accord, adjustment, amnesty, appeasement, arbitration, conciliation, concord, concordance, forgiveness, harmony, improved relations, mediation, mollification, mutual forgiveness, pacification, peace, peacemaking, propitiation, reconcilement, restoration of harmony, reunion, settlement, understanding, union
Associated concepts: reconciliation of contradictory clauses
See also: accordance, adjustment, arrangement, compact, compatibility, compromise, concession, conciliation, expiation, intercession, mediation, mollification, pact, peace, rapprochement, settlement, understanding

RECONCILIATION, contracts. The act of bringing persons to agree together, who before, had had some difference.
     2. A renewal of cohabitation between husband and wife is proof of reconciliation, and such reconciliation destroys the effect of a deed of separation. 4 Eccl. R. 238.

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Editors note: This checklist is adapted from "Best Practices to Improve Account Reconciliation," CPA Insider, Nov.
6 tips for reconciliations
Account reconciliation templates that are pre-populated with accurate and relevant data drawn from any ERP system.
Where ERP systems fall short--other software catches up
The savings to be gained purely from the elimination of paper, binders and storage associated with the account reconciliation process can add up significantly.
How automating balance sheet account reconciliation can lead to a real return on investment
Prior to 2007, all of our account reconciliations were done on paper with approval signatures required on the paper copies," says Brissette.
Back in control: manual processes are eliminated--and compliance issues resolved--thanks to software
Streamlining and automating the account reconciliation process will help a company tackle this compliance-driven activity.
Using spreadsheets for reconciliations-an obsolete, risky practice
Sheila Vogelberger, Chesapeake's Vice President of Accounting Consulting and Development, said, "Balance sheet account reconciliation is a vital accounting process that serves as an important internal control over financial reporting, particularly as the filing deadlines companies face become tighter and deadlines for SOX compliance loom.
Chesapeake System Solutions' T-Recs Enterprise "Goes Live" at Vail Resorts
Procedures for how to prepare a certain account reconciliation also must be documented.
Are your account reconciliations accurate?
Account reconciliation problems have caused material weaknesses at large firms such as Eastman Kodak Co.
Movaris Inc
Respondents pointed to a lack of management focus, insufficient understanding of the process, a dearth of written policies and procedures and lack of training as challenges affecting their ability to sustain a timely and accurate account reconciliation process.
Account reconciliation: an underappreciated control: this procedure has become even more important since Sarbanes-Oxley's passage
Virtually eliminate spreadsheets (and the manual errors that come with them) from their account reconciliation process
Ernst & Young, Hallmark Join SAP[R] Pinnacle Award Finalist BlackLine Systems, SAP for Webinar on "Achieving Balance Sheet Integrity"
Genpact to Provide SmartStream's Account Reconciliation Solution as Flexible Business Process as a Service (BPaaS) Offering
Genpact and SmartStream Partner to Make Financial Closing Process Shorter and More Effective for CFOs and Controllers
Kevin Spars, managingdirector of financial reporting and accounting atBlackLine client company United Airlines, will follow sharing his experience on how global companies operating in a shared services environment can communicate better, improve efficiencies, increase productivity and reduce bottom line costs by implementing an automated account reconciliation and financial close system.
Deloitte, United Airlines to Join BlackLine on Panel at SSON Finance Transformation Summit 2010

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