reconcile

Definition

To make your financial accounts stop lying to each other by adjusting numbers until debits and credits agree. It's accounting's version of couples therapy—painful but necessary.

Example Usage

The accountant had to reconcile the bank statement with the general ledger, discovering a missing $47.82 that would haunt them for months.

Source: Common accounting terminology, Merriam-Webster

Related Terms

Beginner

P&L (Profit & Loss Statement)

Same as an income statement but sounds more ominous—what everyone actually calls it because it's faster to say.

💰 Finance / Accounting

Intermediate

internal rate of return

The discount rate that makes the net present value of an investment zero—basically the breakeven return that justifies the project. If IRR exceeds your hurdle rate, it's theoretically a go; if not, it's a hard pass.

💰 Finance / Accounting

Intermediate

qualified opinion

An auditor's statement that financial statements are fairly presented except for specific issues, essentially saying 'mostly good but we have concerns.' It's the accounting equivalent of 'we need to talk.'

💰 Finance / Accounting

Intermediate

ROI (Return on Investment)

How much profit you make from an investment—the metric everyone cares about after spending the money.

💰 Finance / Accounting

Intermediate

misappropriation

The corporate euphemism for 'stealing,' typically involving someone with fiduciary responsibility who decided that 'other people's money' is really more of a suggestion than a rule. It's the white-collar crime of choice for accountants, executives, and nonprofit board members who convinced themselves they were just 'borrowing' the funds temporarily. Unlike shoplifting a candy bar, this usually involves spreadsheets, offshore accounts, and a lawyer explaining why technically it's 'misappropriation' not 'theft.'

💰 Finance / Accounting

Beginner

lender

The entity that gives you money now in exchange for you giving them more money later, ideally with interest and your sanity intact. Banks, credit unions, and that one friend who still brings up the $20 from 2015 all qualify.

💰 Finance / Accounting

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