Debtors Reconciliation

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Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2010 Sir,
what points should be kept in mind while reconciling the debtors
please provide me the reasons for difference in the balances

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 February 2010
1.All Invoices raised Whether accounted
2.Discount if any given whether accounted
3.Payment received and agianst which invoices
4.All the payment are accounted or not
5.TDS deducted by the party accounted or not
6.Any debit note or credit noted raised by either side for any reasons whether the same accounted or not

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Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2010 thank you very much sir
sir, i want to know we should add to the bill the vAT and edc,shec but
i want to know when will it ariase the situation to deduct the TDS(is it for transpotaion?)
i am confusing please clarify

thanking you in advance

Rahul Gupta

Rahul Gupta (Expert)
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06 February 2010 TDS is deducted while making payment or credit to the account of the payee.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 February 2010 TDS is the deduction under Income tax and some cased VAT also having TDS

Income tax Tds As said Mr.Rahul is agreed

VAT- TDS based on the state specefic

DEEPIKA GOEL

DEEPIKA GOEL (Expert)
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07 February 2010 First of all, we should obtain the ledger from the debtors having the our name in their books.

If the amount tallied den it nt issue.

If the ledger balance did nt reconcile with the ledger obtained from debtors then in that case try to find out the reason

- Discount
- TDS
- Disputed Amount
- DVAT related TDS( in case of work contracts)
- Bank payments made by party but cheque missout

DEEPIKA GOEL

DEEPIKA GOEL (Expert)
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