What are the 5 parts reconciliation?

The five parts of reconciliation typically include:

1. Data Collection: Gathering all relevant financial records and documentation for comparison.
2. Comparison: Analyzing and matching the collected data against another set of records, such as bank statements or internal financial reports.
3. Identification of Discrepancies: Noting any differences or errors found during the comparison process.
4. Resolution: Investigating and correcting the identified discrepancies to ensure accuracy in the financial records.
5. Documentation and Reporting: Finalizing the reconciliation by documenting the process and outcomes, and reporting any significant findings to relevant stakeholders.