Reconciliation
chaitra (B.Com) (85 Points)
04 September 2016
ANKUR TAH
(Teacher Consultant and CA finalist.)
(543 Points)
Replied 05 September 2016
Your question is not clear at all.
Are you asking about whether account receivable and payable can be reconciled!!!!
Your 2nd ans will be, transaction between inter co. reconciliation we generally not prepare, but intra co reconciliation can do due to traceing stock in hand, debtors, cash in hand.
chaitra
(B.Com)
(85 Points)
Replied 07 September 2016
Okay
Thank you Ankur
Could you please explain about AP and AR Reconciliation, whether it is reconciled than it is a comparision between which statement.
chaitra
(B.Com)
(85 Points)
Replied 07 September 2016
Okay
Thank you Ankur
Could you please explain about AP and AR Reconciliation, whether it is reconciled than it is a comparision between which statement.
ANKUR TAH
(Teacher Consultant and CA finalist.)
(543 Points)
Replied 07 September 2016
Generally reconciliation between AP and AR not a common practice. I have not been found in any co. Although it can be possible for internal control purpose.
As per my opinion reconciliation can be possible by tKing every thing in cost.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3303 Points)
Replied 07 September 2016
AP and AR are to be compared with debtors account statement and creditors account statement of other parties. It is usually required for internal audit purpose. for Example: Accounts payable amounts to be compared with other party debtors mentioned in the debtors accounts.
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