Reconciliation in accounting involves verifying transactions are in balance and apply to the correct account. For instance, when reconciling payroll, a payroll transaction involves different accounts. If an employee earned $1,500 during a payroll period but only receives $950, the rest of the money would go to such things as taxes, Social Security withholdings, Medicare and insurance deductions. Reconciling that payroll check would involve verifying that all the accounts affected by the payroll transaction agree and total to the gross amount used in calculating the check.
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