Recon may refer to:. GAAP states that the purpose of account reconciliation is to provide accuracy and consistency in financial accounts. This is done by comparing debit card receipts or check copies with a persons bank statements. new search. recon From Longman Dictionary of Contemporary English recon re‧con / ˈriːkɒn $ -kɑːn / noun [ countable, uncountable ] American English informal reconnaissance Examples from the Corpus recon • Every recon ship sent to this coastal valley fifty miles north of Qui Nhon had been hit by ground fire. Everything that The RECON Network produces—from our live events to our coaching options and our Toolkit—is focused on purpose, and on helping each veteran identify their own meaning and mission. Word(s) in meaning: chat How do I reconcile an account? reconnaissance definition: 1. the process of getting information about enemy forces or positions by sending out small groups…. Recon Hindi Meaning - Find the correct meaning of Recon in Hindi. recon synonyms, recon pronunciation, recon translation, English dictionary definition of recon. Video shows what recon means. Reconnaissance, a military term for gathering information; In film and television: "Recon" (), an episode of LostRecon, a short film starring Peter Gabriel by Breck Eisner; In games:. [online] Available at: Ventureline.com, (2015). Although you are assertive and independent, yet there are times when you rely upon the support and encouragement of others before making decisions and taking action. According to GAAP, account reconciliation is a process that is performed through account conversion or double-entry accounting.[9]. How is reconciliation treated under generally accepted accounting principles (GAAP)?. © 1988-2021, Powered by MaryTTS, Wiktionary [10] The legislation was enacted “to protect shareholders and general public from accounting errors and fraudulent practices in the enterprise, as well as improve the accuracy of corporate disclosures.”[11] SOX and other acts like it across the world have increased stress on organisations to comply. [12] This process is arduous allowing for further human error. Reconciliation of accounts determines whether transactions are in the correct place or should be shifted into a different account. (2005). This is normally done by preparing a bank reconciliation statement. In the United States, the passage in 2002 of the Sarbanes-Oxley Act (SOX) has emphasized the need for balance sheet account reconciliation to be included within a company's own procedures, not relying only on external auditors. It is prudent to reconcile credit card accounts and chequebooks on a regular basis, for example. This is done by making sure the balances match at the end of a particular accounting period.[1]. 1 Knowing how to reconcile your accounts accurately is essential for the financial health of your business, as it helps to detect any errors, discrepancies, or fraud. Duties include air-to-air missions, air-to-sea and air-to-land, plus recon and rescue assignments. What does RECON stand for in Computing? To ensure all cash outlays and inlays match between cashflow statements and income statements it is necessary to carry out reconciliation accounts.[3]. Investopedia, (2003). Reconnaissance Urdu Meaning - Find the correct meaning of Reconnaissance in Urdu, it is important to understand the word properly when we translate it from English to Urdu. Rank Abbr. Please look for them carefully. What does RECON stand for in Military? Reconciliation is used to ensure that the money leaving an account matches the actual money spent. Definition of recon (Entry 2 of 2) transitive verb. ‘These methods are necessary to avoid letting enemy forces know they are under surveillance and to protect the small recon teams from larger military units.’. Available at: M. Rouse, (2015). Military RECON abbreviation meaning defined here. Reconciliation in accounting is not only important for businesses, but may also be convenient for households and individuals. Automating reconciliation can significantly reduce aforementioned errors and increase efficiency. Meaning. [online] Available at: TheFreeDictionary.com (2015). GAAP provide different rules in regards to reconciliation to balance different types of accounts. - Definition from What Is.com. Generally Accepted Accounting Principles (GAAP) Definition | Investopedia. mitigates mistakes which have been made by financial institutions or if there have been any fraudulent withdraws from an account. Reconciliation is used to ensure that the money leaving an account matches the actual money spent. Pooster and I were out on a night patrol doing a … NASA, means a day which is 4 (four) Business Days prior to each Payment Date, (save and except an Early Redemption Date); reconnaissance.. Recon Meaning. by AcronymAndSlang.com Last Added recon definition in the English Cobuild dictionary for learners, recon meaning explained, see also 'recount',recognise',recognize',reconcile', English vocabulary Find Your Recon Art edition An example of recon is a visit across enemy lines to … This is done by making sure the balances match at the end of a particular accounting period. (RECON) is an environmental remediation, geotechnical construction, industrial services and decommissioning & demolition (D&D) service contractor with the reputation for providing innovative solutions to complex environmental challenges. Define Recon Date. n. Informal Reconnaissance. Looking for the definition of RECON? Learn more. Are you aware how often people swap around “their,” “there,” and “they’re”? The correct meaning of Recon in Hindi is . for many business challenges All ReconArt Editions are web-based and work with any ERP, accounting system, and external data sources. — Wallace Terry. short for reconnaissance. Phase 1 focuses on Marine individual physical skills such as running, high repetition PT, obstacle courses, ocean swims with fins, rucking, land navigation, helicopter rope suspension training, communications, and supporting arms. Further benefits of automated reconciliation include centralised control, improved monitoring, reduced operational costs, increased productivity and efficiency, improved accessibility, data security improved and reduced audit risks and costs. - Questions & Answers - AccountingTools. "global warming" DOCUMENT REVIEW DEFINITION. Synonyms for recon include scout, exploration, search, recce, inspection, investigation, scrutiny, observation, scan and scouting. Oxford: Oxford University Press. How to say recon. [4], To ensure the reliability of the financial records, reconciliations must, therefore, be performed for all balance sheet accounts on a regular and ongoing basis. Recon definition, reconnaissance. Pooster and I were out on a night patrol doing a recon when we detected … Public companies are required to perform these steps as part of their financial close. short for reconnaissance. RECON. recon meaning: 1. informal for reconnaissance specialized 2. informal for reconnaissance specialized. RECON Stands For: All acronyms (20) Airports & Locations Business & Finance (1) Common Government & Military (3) Medicine & Science (4) Chat & Sub Cultures Education Schools Technology, IT etc. By using available information technology, organizations can more easily automate their reconciliation and for each financial close cycle less manual labour would be required. Analytical Review. A dictionary of accounting. helps create an overall image on spending and helps assess if a person is overspending on fees. Available at: M. Spanicciati, ‘How automating balance sheet account reconciliation can lead to a real return on investment’, Learn how and when to remove this template message, International Financial Reporting Standards, "Understanding Balance Sheet Account Reconciliation", http://www.investopedia.com/terms/g/gaap.asp#ixzz3qTbiuFxO, https://www.ventureline.com/accounting-glossary/D/document-review-definition/, http://financial-dictionary.thefreedictionary.com/Analytical+Review, http://www.accountingtools.com/questions-and-answers/how-do-i-reconcile-an-account.html, "Account Reconciliation: An Under appreciated Control", http://searchcio.techtarget.com/definition/Sarbanes-Oxley-Act, https://en.wikipedia.org/w/index.php?title=Reconciliation_(accounting)&oldid=960127619, Articles needing additional references from July 2008, All articles needing additional references, Creative Commons Attribution-ShareAlike License. What is Sarbanes-Oxley Act (SOX)? In accounting, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Find out what is the full meaning of RECON on Abbreviations.com! Possible RECON meaning as an acronym, abbreviation, shorthand or slang term vary from category to category. There are two ways in which reconciliation can take place: In both cases where mistakes are identified as a result of the reconciliation, adjustments should be undertaken in order for the account balance to match the supporting information. Remedial Construction Services LP (Houston, TX) showing only Business & Finance definitions ( show all 8 definitions) Note: We have 6 other definitions for RECON in our Acronym Attic. However, there are different rules for balancing many types of accounts. i) “A procedure for confirming that the balance in a chequebook matches the corresponding bank statement. Top RECON abbreviation related to Computing: Remote Console Hop on to get the meaning of RECON. Define recon. Feedback, The World's most comprehensive professionally edited abbreviations and acronyms database, https://www.acronymfinder.com/Business/RECON.html, Remedial Construction Services LP (Houston, TX). A robust reconciliation process improves the accuracy of the financial reporting function and allows the finance department to publish financial reports with confidence.[5]. 1. military slang, US. See more. Using a documentation review, “document review is a formalised technique of data collection involving the examination of existing records or documents.”, The second method used is analytics review. American Heritage® Dictionary of the … As a result, the accounting industry has sought ways to automate a previously strenuous manual process. In accounting, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Accounting software is one of a number of tools that organisations use to carry out this process thus eliminating errors and therefore making accurate decisions based on the financial information. : to conduct a preliminary and especially an exploratory survey of : to do a reconnaissance of (something) In another village we sent an advance party to recon the place. There are always several meanings of each word in Hindi. Available at: Investopedia, (2015). Account reconciliation is the process of comparing internal financial records against monthly statements from external sources—such as a bank, credit card company, or other financial institution—to make sure they match up. The following two definitions are given by the Oxford Dictionary of Accounting. suggest new definition. Reconciliation is a process that may benefit businesses as this may help avoid balance sheet errors which may have led to detrimental ramifications; in addition, reconciliation may help against fraud and can help instill financial integrity. Computing RECON abbreviation meaning defined here. [2], ii) A procedure for confirming the reliability of a company’s accounting records by regularly comparing [balances of transactions]. The pressure of SOX coupled with the perennial need to mitigate erroneous reconciliation in the process. Currently there are no specific account standards for accountancy reconciliation per se. This may involve comparing financial and non-financial information.”, This page was last edited on 1 June 2020, at 07:44. Translation for 'recon' in the free English-French dictionary and many other French translations. There are always several meanings of each word in Urdu, the correct meaning of Reconnaissance in Urdu is جاسوسی, and in roman we write it Jasoosi. Recon (role-playing game); Halo 3: ODST or Halo 3: Recon, a standalone expansion for Halo 3; In other uses:. Duties include air-to-air missions, air-to-sea and air-to-land, plus recon and rescue assignments. Learn more. PSP, HIPAA Postal codes: USA: 81657, Canada: T5A 0A7, Your abbreviation search returned 8 meanings, showing only Business & Finance definitions (show all 8 definitions), Note: We have 6 other definitions for RECON in our Acronym Attic, Search for RECON in Online Dictionary Encyclopedia, The Acronym Finder is Definition; RECON: Reconnaissance: RECON: Reconstructed: RECON: Recovery Control: RECON: Reconnoiter: RECON: Remote Console: RECON: Remedial Construction Services LP (Houston, TX) RECON: Research Connection: RECON: Roaming Emergency Communications Network (Anvil Technologies) RECON: Exchange Reconciliation System Acronym Finder, All Rights Reserved. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is … Recon - Detailed Meaning Your name of Recon gives you a friendly, congenial personality and causes you to desire activities involving people. (1) The Basic RECON Course is nine weeks long and has three phases that challenge Marines to their fullest, both physically and tactically. An account reconciliation may be prepared on a daily, monthly, or annual basis.”[2], The generally accepted accounting principles (GAAP) are a set of accounting principles, procedures and standards that organisations use in order to compile their financial statements. How to pronounce, definition audio dictionary. short for reconnaissance. 'Reconnaissance' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. Online [Available at: Bragg, S. (2013). Get the top RECON abbreviation related to Military. It is spelled as [ri-kon]. Search for RECON in Online Dictionary Encyclopedia. [online] Accountingtools.com. ‘He conducts an in-depth recon and selection of proposed battery positions.’. Owen, G. and Law, J. 90% of companies manually reconcile using Microsoft Excel spreadsheets in order to do so. Recon is a shortened form of the military term reconnaissance which is defined as the exploration of an area to gain information. The Business & Finance Acronym /Abbreviation/Slang RECON means Remedial Construction Services LP. Meaning; RECON: Reconnaissance: RECON: Reconstructed: RECON: Reconnoiter: RECON: Remote Console: RECON: Remedial Construction Services LP (Houston, TX) RECON: Research Connection: RECoN: Roaming Emergency Communications Network (Anvil Technologies) RECON: Exchange Reconciliation System More example sentences. [online] Archdiocese. ,random It is important to understand the word properly when we translate it from English to Hindi. Account reconciliation is an important internal control in the financial reporting process. There are no specific regulations mentioned by IAS, ICAW and HMRC. “Any process by which a person or company looks at an account or financial statement and attempts to identify any irregularities. Recon is a noun according to parts of speech. re′con′ adj. Examples: NFL, Reconnaissance-in-force (RIF) is a type of military operation or military tactic used specifically to probe an enemy's combat ability.. bab.la arrow_drop_down bab.la - Online dictionaries, vocabulary, conjugation, grammar Toggle navigation And abbreviations resource the perennial need to mitigate erroneous reconciliation in accounting is not only for! 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