It is done for major debtors and creditors

In this, we compare

Party’s Ledger in our books

With

Our Ledger in Party’s books

And Report Differences if any

 

Procedure

  • Request Party to Give Our Company’s Ledger in their books (preferably in excel format)
  • Open Party Ledger in our books and Export in Excel
  • Copy paste both in One Excel file
  • Compare and Match Entries (If in our books, it is showing payment made to party, then in Party’s book, it will be showing Receipt of same amount)
  • For those entries which are not matching, prepare list of same.
  • Group Similar type of differences and Create Heading for the same
  • Prepare Vendor Reconciliation containing summary of these differences

Question 1

IN THE BOOKS OF MY COMPANY

Vendor Reconciliation Procedure (Debtors and Creditor Reconciliation Steps) - Reconciliation Procedure

IN THE BOOKS OF A LTD

DEBTOR RECONCILIATION image 02.png

Prepare Vendor Reconciliation Of A Ltd As Per Following Format

DEBTOR RECONCILIATION image 03.png

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 13 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.