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OpenERP 7.0: Is reconcilation is mandatory for accounting?

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Vikram
on 9/7/13, 2:46 AM 1,044 views

How we account reconcillation is neccessary for accounting? Anyone Explain in detail about reconcillation?

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Serpent Consulting Services Pvt. Ltd.
On 10/9/13, 6:37 AM

Vikram,

Reconciliation is ofcourse very important. It simply means to close your entries which are satisfied by contra action.

When you have to get paid by your customer, you are waiting ! When he pays you, you close the Hisaab! This closing of expected v/s. received is reconciliation.

http://en.wikipedia.org/wiki/Reconciliation_%28accounting%29 should help you more!

Thanks.

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Asked: 9/7/13, 2:46 AM
Seen: 1044 times
Last updated: 3/16/15, 8:10 AM