Meaning
UPI Reconciliation is the process of comparing UPI payment records with bank statements to ensure that all transactions are correctly accounted for.
Importance
- Maintains accurate financial records
- Helps businesses identify failed or missing payments
- Simplifies accounting and audit processes
- Reduces errors in financial management
How It Works
UPI reconciliation involves verifying each transaction’s details such as amount, date, and reference number. Banks or accounting software usually automate this process for efficiency.
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