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 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1905)
 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4371)
Question
WHAT IS AP/AR RECONCILIATION PROCESS? WHAT YOU DO IN AP/AR RECONCILIATION?
 Question Submitted By :: Audit
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
AP (Accounts Payable) reconciliation is the process of
verifying the Accounts of the Creditors (Accounts Payables .
Vendors / Suppliers) with the statement of account
maintained by the respective creditors to ensure that the
transactions recorded in the company's book and the balance
matches with the books of the creditor. In case of
differences, the same should be highlighted and communicated
to the respective creditor/s to make necessary corrections
for the missing entries in the books of the company or the
creditor.
AR (Accounts Receivable) reconciliation is the process
explained above in respect of the Sundry Debtors or Customers.

For correct accounting and proper audit of accounts,
reconciliation and confirmation of Creditors, & Debtors' a/c
balances is an essential requirement.
 
Is This Answer Correct ?    63 Yes 6 No
H.r. Sreepada Bhagi
 
Answer
# 2
A/P - Accounts Payable is the subsidiary book of General
Ledger. It is a reconciliation Account in G L with name
Accounts Payable contains line items of vendors.

A/R - Accounts Receivable is the subsidiary book of General
Ledger. It is a reconciliation Account in G L with name
Accounts Receivable contains line items of customers.
 
Is This Answer Correct ?    11 Yes 3 No
Raghu
 
 
 

 
 
 
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WHAT IS AP/AR RECONCILIATION PROCESS? WHAT YOU DO IN AP/AR RECONCILIATION? Genpact 2
 
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