Question

Difference between reconciliation and substantiation

Answer 1

In accounting, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent.

Answer 2

In accounting, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent.

to establish by proof or competent evidence: to substantiate a charge. to give substantial existence to: to substantiate an idea through action. to affirm as having substance; give body to; strengthen: to substantiate a friendship.