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
IN THE BOOKS OF A LTD
Prepare Vendor Reconciliation Of A Ltd As Per Following Format
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View answer
VENDOR RECONCILIATION OF A LTD
Working Note 1
Qty short received by A Ltd
Working Note 2
Payment not received by us
Less amount of cash received by us