WHAT IS AP/AR RECONCILIATION PROCESS? WHAT YOU DO IN AP/AR RECONCILIATION?
- 2 Answers
- 30060 Views
- Genpact, Shubham, I also Faced
- E-Mail Answers
Answer Posted / h.r. sreepada bhagi
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 ? | 70 Yes | 7 No |
Post New Answer View All Answers
what is the steel consumption per sq ft for ground plus 12 floors
hi friend i have selected in ssc cgle as accountant in audit department. can anyone tell about the work of accountant in audit department?
central exices
Explain different functions of internal audit?
Tell me that how I can evaluate the internal control audit?
Who will audit an auditing firm?
can external audit be seen as merely an overhead cost adding no value to the orgnisation
Why there is no opening balance for Profit and Loss Account?Refer me Detailed explanation. Thank you.
Explain the purpose of meeting in audit?
which type audit for your company account
What are documents need to vouch while doing sales vauching?
What to do after the audit?
Explain the different advantages and disadvantages of internal audit?
How does the internal audit differ from an external audit?
Why you want to be a auditor?
