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What is Inter Company Reconciliation?
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Answer Posted / imran basha kadu
While doing the preliminary reconciliations, If there is any
differences between TC & Counter party balances or if the
balances are not matching then we will try to figured out
I.e. what exactly the difference is belongs to ? Then we
will share our findings with counter party and TC Head to
book an a accrual journal for the difference amount based
on their approval.
E.g.. TC had a payables of GBP 1000 against Gold medal in
TC books and after done the preliminary reconciliations Gold
medal is showing GBP 1200 worth of receivables in Gold medal
books and we are missed out with GBP 200 worth of invoices
in TC books. But already AP has been closed for the
particular period and now for time being we will book the
accrual journal to match the balances in TC books with Gold
medal.
Journal Entry :
Debit – Expenses Account
Credit – IC Liability Account
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