Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

reconciliation statement

Read a random definition: unaccrued

A quick definition of reconciliation statement:

A reconciliation statement is a type of financial statement that helps to fix mistakes or differences in numbers. It's like double-checking your math to make sure everything adds up correctly. This statement is important because it helps to ensure that all the numbers are accurate and that there are no errors in the financial records.

A more thorough explanation:

A reconciliation statement is a financial statement that is used to adjust discrepancies in accounting or financial records. It is a tool used to ensure that the records of an organization are accurate and complete.

Let's say that a company's bank statement shows a balance of $10,000, but the company's accounting records show a balance of $9,500. In this case, a reconciliation statement would be used to identify and adjust the discrepancies between the two records. The statement might show that there was an outstanding check for $500 that had not yet cleared the bank, which would explain the difference in the balances.

Another example could be a credit card statement that shows a balance of $1,000, but the company's records show a balance of $900. A reconciliation statement would be used to identify and adjust any discrepancies between the two records, such as a transaction that was not properly recorded in the company's accounting system.

These examples illustrate how a reconciliation statement is used to ensure that financial records are accurate and complete by identifying and adjusting any discrepancies that may exist.

reconciliation agreement | reconduction

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
LSD+ is ad-free, with DMs, discounts, case briefs & more.