3622 Veterans Drive, Suite 3
Traverse City, MI 49684
Phone: 231-922-1615
Email: obaoffice@oldbarnacct.com

Glossary / Account Reconciliation

Account Reconciliation

The process of ensuring that the beginning balance plus the sum of all entries on an account statement equals the ending balance. After deposits, interest received, and credits are added and automatic withdrawals, outstanding checks, negotiated checks, and account charges are subtracted, if the resulting balance equals the ending balance on the statement, the account is reconciled.