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Why we reconcile our debtors? what steps we taken during
reconciliation.
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Answer Posted / Umendra Singh
Debtor reconciliation is performed to ensure the accuracy of accounts receivable by matching internal records with those from external sources (usually bank statements). The process involves the following steps:
1. Obtain the latest bank statement for the debtors account.
2. Prepare a suspense analysis report, which lists all bank deposits and payments not matched with the internal records.
3. Investigate each item in the suspense analysis report to determine the cause of the discrepancy (e.g., late postings, manual journal entries, or errors in the bank statement).
4. Correct any identified errors by making necessary adjustments in the accounting records.
5. Prepare a reconciliation report showing that the internal and external records are now in agreement.
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