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What is a reconciliation in accounting? What is a bank reconciliation? What is a sub-ledger to general-ledger reconciliation? What is a control account and how does it relate to reconciliations? Why are regular reconciliations important for fraud prevention? What is the frequency at which key reconciliations should be performed? What are reconciling items and how are they classified? How do you reconcile a supplier statement to the AP ledger? What is the GR/IR reconciliation and why does it matter? How do you reconcile intercompany AP/AR balances?
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What is the difference between a two-column and a running reconciliation?

Beginner

Answer

A two-column (or T-format) reconciliation lists the two balances being compared and the adjustments that bridge them. A running/continuous reconciliation is maintained on an ongoing basis rather than only at period-end, catching differences earlier. Both aim to prove agreement; continuous reconciliation reduces month-end workload.
Real-world example Moving key accounts to continuous reconciliation spreads the work across the month and shortens the close.

Common follow-ups: Why reconcile continuously? | What does a two-column format show?

Cash Application Aging Analysis Reconciliations
All 23 Reconciliations questions