Payment Reconciliation Meaning & Steps

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Payment reconciliation is the accounting process by which a company's internal financial records match the transactions that appear on statements from its bank, credit cards and other financial institutions. Not only does it ensure a company’s account balances are verified (and thus, how much cash the business has on hand), it also helps root out errors, uncashed checks and even instances of fraud. Payment reconciliation happens in four steps: Record retrieval, matching, reconciliation and finalization.
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