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Payment reconciliation is the process of comparing internal transaction records with payment receipts or account statements to verify accuracy and ensure that all financial records are true, consistent, and up-to-date. It involves cross-checking expenses and payments on bank statements against internal documentation to ensure that finances are correct. The main objective is to identify any discrepancies and reconcile them to ensure that all records tally. This process is crucial for businesses to maintain accurate financial records and avoid errors or fraud. Payment reconciliation can involve different types of reconciliations, such as accounts payable reconciliation, where balances in various financial records are compared, and payment posting reconciliation, where internal financial records are compared with bank statements to ensure accurate accounting. Overall, payment reconciliation is a fundamental accounting process that ensures the integrity and accuracy of an organization's financial transactions.
