Interested to Buy Any Domain ? << Click Here >> for more details...
What is Vendor Reconciliation and how is it done ?
- 14 Answers
- 122973 Views
- Finance, XYZ, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / suryakant padekar
vendor reconciliation means statement showing difference of
Company payable to vendor a/c balance & vendor outstanding
bal. It is reconcile from both account bal company and
vendor. If there is is any advance to vendor it will reduce
the bal from company payble amount.
| Is This Answer Correct ? | 233 Yes | 23 No |
Answer / naveen goyal
A vendor reco is like a statement to where we find out the Differences in vendor books as per our books. Diff may be as follows:
>>> Vendors Invoices did not entered in our books.
>>> Our Debit note note not entered in vendors books.
>>> Our payment did not entered in vendor books.
>>> credit given by vendor did not entered in our books.
>>> Invoice amount difference.
Naveen Goyal (P&A)
Healthkart.com
| Is This Answer Correct ? | 60 Yes | 9 No |
Answer / yashwanth varma
vendor reconciliation is definitely accounts related job.Its part of accounts payable activity where one has to reconcile vendor balance in his books of accounts with that of the vendor balance in the books of the vendor. Take a statement of account from the vendor The statement must have invoice wise detail of each transaction. Compare the statement with the vendor accounts as per your book. Any difference should be separately shown in the reconciliation statement. Sample reconciliation statement: Balance as per ABC(Vendor) Statement: Less: Payment not reflected in vendor a/c Less:Invoices not booked by us Add:Invoices booked by us but not reflected by vendor Balance as per our books of accounts.
| Is This Answer Correct ? | 31 Yes | 9 No |
Answer / p.murali
vendor reconsilation is nothing but differece between vendor accout to company payable account. we need to cross check the all like vendor invoice value, credit note, debit note.
| Is This Answer Correct ? | 25 Yes | 3 No |
Answer / divya
Reconciling your vendor statements allows you to ensure that there are no mistakes or inaccuracies between what the vendor is charging you and the inventory, services or supplies you received. Statements typically arrive around the same time each month.
| Is This Answer Correct ? | 11 Yes | 0 No |
Answer / naveen goyal
It is a Difference between debit note and credit note, Payments and Invoices as per our books and Party books?
Naveen Goyal
Healthkart.com
| Is This Answer Correct ? | 12 Yes | 3 No |
Answer / manjunath veluru
Vendor reconciliation statement is a statement which reconcile the company payable as per vendor account it is reconcile both account balance company and vendor .vendor taken any advance it will reduce the balance on vendor account
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / jyoti
Vendor(service provider) is one from whom we(service
acceptor)received services.So,Vendor Reconciliation(V.R)
means to know outstanding receivable as per vendor A/C and
outstanding payable as per our(service acceptor) A/C.
For doing V.R, one who is accepting service ask for
Statement of accounts(only for outstanding receivable)of
Vendor's, so that we can check and find out the reason for
discerpancies(if any) and can take corrective action to
close it.
| Is This Answer Correct ? | 10 Yes | 5 No |
Answer / akash verma
The process of identifying and classsifying the entries that do no tally between - vendor statements and General ledger (GL).
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / j.s.ch.s.prasad
adjustment of trade suppliers(creditors)and advances paid to
suppliers and cash discount received is equal to net amount
payble to vendors/supplers.
| Is This Answer Correct ? | 21 Yes | 19 No |
what is the last date to submitted of TDS and VAT And after due date what is the fine to be payable.
what is service tax-meaning,rates for 2008-09,heads,procedure of calculating,all form of service tax,ahen service tax filled.complete information about service tax?
sir, i have charged labour charges with material bill to x party for Rs.211000/- plz explain me how much TDS amount will deducte by party..
HOW TO MAKE BALANCE SHEET OF PROPRIETOR? IF THERE ARE ANY OTHER INVESTMENT OF PROPRIETOR LIKE FLAT,GOLD,SILVER THEN WHAT WILL BE THE CAPITAL OF PROPRITOR IN HIS PERSONAL BALANCE SHEET? WILL THE CAPITAL OF HIS FIRM WILL BE THE CAPITAL OF HIS PERSONAL BALANCE SHEET? FOR EXAMPLE IN HIS FIRM CAPITAL A/C IS 39LAC.BUT IN HIS OTHER INVESTENT(WHICH HAS NOT BEEN SHOWN IN HIS FIRM'S BALANCE SHEET) HE HAS FLAT OF 310000, GOLD OF RS.15LAC AND SILVER OF RS.3LAC THEN WHAT WOULD BE HIS PERSONAL BALANCE SHEET? PLS ANSWER ME.
How to determine TDS on Salary ? what are Limit for HRA ,insurance premium , Loan installment, children education fee etc. what type of Deductions for salary. please Explain Full and complete this concept with one example which cover all aspects regarding TDS on Salary.
if i use CST@12.5% for a registered dealer then i use surcharge @5% on CST@12.5%. it is right or wrong? plz suggest me
what is document require for vat registration?
WHAT IS THE MAIN OBJECTIVE TO ISSUE THE WAYBILL TO THE SUPPLIER ? WHAT IS THE TAX LIABILITY ARISES ? WHO HAS THE OBLIGATION TO PAY THE TAX ?
Timings / Months when the advance tax shud be paid For Individual?
will the Company liable to pay Service tax if the turnover exceeds 10 lakh and in the business of purchase and sale of products?
What is the present TDS structure in india for the current year.Is there any changes
Hi,when we pass a clearing entry of paid and unpaid tax how do we show the business area the way the business area can be seen.is there any change that i have to do in the configuration of this GL.my client wants that the business area also reflects when we post the gl.please help.
Audit 
