Accounting
What is Accounts Reconciliation?
Accounts reconciliation is the process of comparing two sets of financial records to ensure they are in agreement, identifying and resolving any differences.
Explanation
Reconciliation is performed across many account types: bank reconciliation (GL cash vs. bank statement), AR reconciliation (AR sub-ledger vs. GL control account), AP reconciliation (AP sub-ledger vs. vendor statements), and intercompany reconciliation (balances between related entities). Each reconciliation involves matching items between two datasets, identifying unmatched items, investigating differences, and making correcting entries. This is highly repetitive work with large data volumes — an ideal candidate for automation. AI-powered reconciliation tools can match transactions across datasets automatically, achieving 90%+ match rates and presenting only unmatched items for human investigation.
How Rima relates
Reconciliation automation is one of Rima's core Blueprint categories — extracting statements, matching against GL records, and presenting exceptions for human review.
Explore reconciliation automationRelated Terms
Bank Reconciliation
The process of matching a company's internal records to its bank statement to identify discrepancies.
Month-End Close
The monthly accounting process of finalizing all transactions, reconciling accounts, and producing financial statements.
Data Extraction
The process of retrieving specific data from source documents or systems for further processing.
Audit Trail
A chronological record that traces every action taken on a document or transaction back to its source.
See it in action
Rima automates the manual document workflows accounting teams spend hours on every week.