What is Vendor Reconciliation and how is it done ?
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 ?||228 Yes||22 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)
|Is This Answer Correct ?||59 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 ?||30 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 ?||24 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?
|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
|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|
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