Answer Posted / h.r. sreepada bhagi
Reconciliation in accounting refers to matching the
accounting figures from 2 statements. For example Bank
reconciliation statement is prepared to tally the difference
between the statement of account from the bank and the bank
account maintained in the books of accounts of a company/firm.
Like wise the ledger account of a customer or a creditor can
be verified with the statement of account received from the
concerned customer or creditor (Supplier/vendor).
Purpose of any reconciliation is to list out the
transactions missing in either of the two statements, find
out the reasons and take necessary action to rectify the
same. It's a good practice to reconcile the accounts
periodically to ensure correct accounting.
| Is This Answer Correct ? | 2 Yes | 0 No |
Post New Answer View All Answers
what are the charecteristics of cost accounting financial accounting managment accounting payroll accounting environmental accounting h r accounting forensic accounting inflation accounting?
For example for formation of a new company/offshore company you need to show paid up capital of 100K but you don't have 100K you as a director borrow loan of 100K from 3rd party and deposit in the bank as paid up capital and issued shares of 100K in director name. After one week you return back 3rd part loan. What are the entries in the books?
What are the major components of country's trade account?
Tell me do you have any idea about service tax or excise?
What is account payee cheque? Expand ctc cheque?
what is debit balance report in SAP?. how do you describe DB report in brief.
Revenue Expenditure
"A" has two divisions of "B" and "c".In our system we have two vendor accounts of B&C.We have received one Non PO invoice of B and posted wrongly in C and its got paid.While reconciling the account we got this error is happend.We contacted the C and asked for refund.But C said,he transfer internally the amount directly to B and he will not refund the amount.How we will settle this entry in our books. If we reverse the entry...there is one invoice needs to be reverse and payment doc needs to be reverse..how we can settle this in our books...
What is executive accounting?
Can we Put "TAX INVOICE" in the sale in Transit (E1) Invoice.
Define "book value" as applied to accounting
what is your opinion regarding T.V shows on youth
What other careers are you considering?
What is "deposit in transit"?
Can a company deduct TDS & provide TDS certificate for a bill without actually making payment towards the same??
