What is FOBO reconciliation?

FOBO. Front-Office to Back-Office reconciliation. This is a vital, daily control that is designed to ensure that what the traders are trading off is the same as what is recorded in the firm’s processing systems and ledgers.

What do you mean by reconciliation?

Reconciliation is the process of two people or groups in a conflict agreeing to make amends or come to a truce. Reconciliation is also the name of a Catholic sacrament involving the confession of sin.

How do you do reconciliation?

How to do bank reconciliation

  1. Get bank records. You need a list of transactions from the bank.
  2. Get business records. Open your ledger of income and outgoings.
  3. Find your starting point.
  4. Run through bank deposits.
  5. Check the income on your books.
  6. Run through bank withdrawals.
  7. Check the expenses on your books.
  8. End balance.

What does FOBO mean?

DEFINITIONS1. 1. fear of better options: the inability to choose between different things all of which are acceptable. Fobo is driven by narcissism, because when you have Fobo, you’re putting your own interests well before anybody else’s.

What are the four ways of reconciliation?

4 Types of Reconciliation

  • 1 Deep, mutual healing. The first is the one we long for the most in which both people grow and change, and there is a deep healing in the relationship.
  • 2 Shifting your expectations.
  • 3 Agreeing to disagree.
  • 4 Inner resolution.

Why is reconciliation important in accounting?

Reconciling your accounts is important because it helps detect any mistakes, discrepancies, or fraud in your accounting books that could severely impact the financial health of your company. Reconciliation is a good business practice that can help the success of a business.

What is FOBO and FOMO?

Decision paralysis is compounded by two universal emotions: FOMO, the fear of missing out, and FOBO, the fear of better options.