Interested to Buy Any Domain ? << Click Here >> for more details...
WHAT IS THE RECONSILLATION ACCOUTN
WHAT IS THE NEED OF RECONSILLATION AND WHERE IT EFFECTED
CAN WE MANINTAIN CUSTOMER AND VENDOR MASTER RECORD WITHOUT
RECONSILLATION ACCOUNT.
- 6 Answers
- 12264 Views
- ProBizz, I also Faced
- E-Mail Answers
Answer Posted / mayavi
Reconciliation a/cs( also called Control A/cs in pure
accounting) are the net figures for items such as Drs and
Crs of an organisation. since it would not be possible to
show the complete list of all vendors in the B/S, a recon
a/c is maintained for the purpose.
however, the main feature of a recon a/c is that the debits
MUST equal the credits in each entry, and so no mistakes in
entries are possible (at least mathematically).
Only if the organisation has a handful of suppliers and
customers is it advised that no recon a/c is opened.
| Is This Answer Correct ? | 2 Yes | 1 No |
Post New Answer View All Answers
What is collective processing of gl accounts? : fi- general ledger accounting
What is Unit Testing & Integration Testing. Explain with example considering FICO module.
How many charts of accounts can a company code have?
What is the use of account payable in fi? How it is related to g/l?
What is an asset transfer date? : fi- asset accounting
Explain the vendor master record and list various segments in them.
What are characteristics and value fields?
Is business area at company code level?
How data flows from sd to copa? : co-pa
can any one share with me the process solving tickets in sap fico with example plz.... thanks in advance
What items are required in a financial statement version? : fi- general ledger master data
Can we post less amount through standard payment?. how?
How does sap calculate work in process (wip) in product cost by order?
How are input and output taxes taken care of in sap?
how can I bank payment (standard/partial/residual) against purchasing document and WBS Element. how data will be flow in fbl3n
