web analytics

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

Download And Try

 
View Answer

 

  1. Accounts and Finance
  2. Step 4 Balance Sheet Finalization Procedure
Ask Download

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
Jail