reconcile vs reconciliate

Reconcile vs. Reconciliate: In accounting, reconcile and reconciliate are terms that both refer to the process of verifying and matching financial records to ensure accuracy. However, reconcile is the more commonly used term today, especially in modern accounting practices. It involves comparing internal records, such as a company's general ledger, with external documents, like bank statements, to identify and correct any discrepancies. While "reconciliate" has the same meaning, it is less frequently used in contemporary accounting. The goal of both processes is to ensure financial accuracy and compliance.