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what is Reconciliation-NOSTRO,VOSTRO?
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Answer Posted / prasanna11149@yahoo.co.in
An accounting process used to compare two sets of records
to ensure the figures are in agreement and are accurate.
Reconciliation is the key process used to determine whether
the money leaving an account matches the amount spent,
ensuring that the two values are balanced at the end of the
recording period. At the end of every month it is a good
idea to reconcile your checkbook by comparing your receipts
with your bank statement. Among other advantages, this type
of account reconciliation makes it possible to determine
whether money is being fraudulently withdrawn from an
account.
The account a correspondent bank, usually U.S. or UK, holds
on behalf of a foreign bank. Also known as a loro account.
An account that a bank holds with a foreign bank.Nostro
accounts are usually in the currency of the foreign
country. This allows for easy cash management because
currency doesn't need to be converted.
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