WHAT IS THE RECONSILLATION ACCOUTN
WHAT IS THE NEED OF RECONSILLATION AND WHERE IT EFFECTED
CAN WE MANINTAIN CUSTOMER AND VENDOR MASTER RECORD WITHOUT
RECONSILLATION ACCOUNT.
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Answer Posted / mayavi
Reconciliation a/cs( also called Control A/cs in pure
accounting) are the net figures for items such as Drs and
Crs of an organisation. since it would not be possible to
show the complete list of all vendors in the B/S, a recon
a/c is maintained for the purpose.
however, the main feature of a recon a/c is that the debits
MUST equal the credits in each entry, and so no mistakes in
entries are possible (at least mathematically).
Only if the organisation has a handful of suppliers and
customers is it advised that no recon a/c is opened.
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