banner_ad

Debtors and creditors reconciliation

Others 6004 views 4 replies

Hi All, 

Please explain me the concept and procedure to do the debtors and creditors reconciliation.

Thanks

Ali

Replies (4)
Reconciliation is what there is different balance in books we maintain and third party confirmation means your balance with your creditors.
The main reason behind this is there are some purchases which he had been recorded and as they had not been delivered to u so u didn't record them.
Or cheques in transit.
Give effects of these and u will get balnce matching.
It's similar to bank reconciliation to certain extent

It's better to get a confirmation of Balance from each debtor & creditor (either by attaching our statement or as available in tally format) then we have to check if any bills, payments & adjustments made by each left out to be resolved before finalisation since unnecessarily the difference will carried over & affects profit/loss

Meaning - Debtors and Creditors reconciliation is a process of comparing the balances of a company's accounts receivable and accounts payable to ensure that they are accurate and match the records of the company's customers and suppliers. The objective of this reconciliation is to identify and correct any discrepancies that may exist in the accounts, which can help to reduce the risk of errors and fraud.

Debtors are seperate from creditors. We reconcile them seperately. They are segregated as per their aeging schedules and credit ratings. As per the as standards, if netting is allowed, they will do it. 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details