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General Ledger Reconciliation

General Ledger...Any standard requiring reconciliation of the same? What exactly is General Ledger reconciliation if not repetition?

asked Jan 24 in General IFRS Discussion by Fred

1 Answer

0 votes
There is no such standard as I know. It is up to the management of the company. General ledger reconciliation is simply the process of ensuring the correctness of accounts contained in the general ledger. In other words, gen. led. reconciliation is making sure that the appropriate credit and debit are placed in the associated accounts.
answered Jan 24 by Mysio Level 5 Member (22,110 points)