General Ledger Reconciliation

Question

General Ledger...Any standard requiring reconciliation of the same? What exactly is General Ledger reconciliation if not repetition?

Answer 1

There is no such standard as I know. It is up to the management of the company. General ledger reconciliation is simply the process of ensuring the correctness of accounts contained in the general ledger. In other words, gen. led. reconciliation is making sure that the appropriate credit and debit are placed in the associated accounts.