What is meant by 'Reconcile'??

[hakuna-matata]

In lot of finance apps in apple app store, there is an option to 'reconcile'? In 'Iexpenseit', there is option to turn it on/off.. whats the use of this option?? can somebody plz explain it in detail...thnx in adv.

 

[Gav2k]

http://wiki.answers.com/Q/What_does_the_word_reconcile_mean_in_terms_of_banking

 

[hakuna-matata]

http://wiki.answers.com/Q/What_does_the_word_reconcile_mean_in_terms_of_banking

thnx for the link, i get some idea but i still don't understand its full use in 'iExpenseIt' app..can u elaborate a bit more??

 

[takeshi74]

Reconciling has the same meaning regardless of app or if you're using a paper register. It's the process of ensuring that what's in the app/register matches your financial institution's/institutions' records. Have you never reconciled your check register?

 

[hakuna-matata]

thnx