Final answer:
The statement regarding clicking the Reconcile Now button is true. Reconciliation involves matching transactions and ensuring records agree with external statements. A 0.00 difference implies a successful match.
Step-by-step explanation:
The statement that you are ready to click the Reconcile Now button only when the transactions on the statement are cleared, and the difference reads 0.00 is true. In the context of accounting and financial management, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Reconciliation is an important process for businesses and individuals as it helps to catch errors, fraud, or inconsistencies.
When you are reconciling an account, it means you are comparing the internal financial records against monthly statements from external sources, such as a bank, credit card company, or other financial institution, to ensure they match up correctly. If all transactions align and the balance from your records tallies with the bank's records, the difference would be 0.00, indicating that the accounts are in balance and that you can reconcile them.