Financial reconciliation in the closeout process refers to the systematic review and resolution of all financial transactions and obligations related to the project. This includes:
Ensuring that all project expenditures are fully documented
Verifying that invoicing, payments, and costs match the agreed terms
Closing out any remaining financial obligations, including payments to vendors, contractors, and internal teams
Conduct a final audit to ensure that the project has adhered to its budget and financial forecasts
Within the project financial reconciliation is essential to verify that the funds allocated for the project were used effectively and that no financial discrepancies remain.