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have seen the word “agree” being used as in ” agree to general ledger and fin. statements”
I have also seen “Reconcile to general ledger and FS”is “agree” the same as “reconcile”?
Yeah agree and reconcile are the same reconcile is usually the more technical term
Agree usually means their is immediate agreement eg posting to a receivables account = invoice issued.
Reconcile means that you might have to do a bit of work to show consistency. Eg suppliers statements might not agree with payables records because of timing differences such as an invoice issued by the supplier on the last day of the year will nnot have reached the client by that date so the client record will not equal the supplier’s record. However, the two figures can be reconciled or brought into agreement.
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