adjusting the difference between two items (i.e., amounts, balances, accounts, or statements) so that the figures agree. The practitioner often has to analyze the deviation between two items, such as in preparing a bank reconciliation. For example, a reconciliation occurs when comparing the home office books account related to branch transactions with the corresponding account on the branch office books related to home office transactions. These two accounts are adjusted for the reconciling items causing the difference.
bringing together after a difference; resolution of a difference. It may be an amount or an opinion. In personal finance, it is the process of determining agreement between the bank balance per books with the bank statement. In real estate appraisals, reconciliation is the thought process of weighing all the available information from all appraisal approaches used to estimate the value of the subject being appraised.
in appraisal, the process of considering values from the applicable approaches to provide a final estimate of the value of the subject being appraised.
