Overview
This module examines control accounts and reconciliation techniques, including receivables and payables control accounts, and various reconciliation procedures. Topics include posting to control accounts, reconciling differences, and error identification.
1. Receivables control account
- Total sales, receipts, returns, and discounts
- Bad debts and dishonoured items
- Reconciling control to list of balances
2. Payables control account
- Total purchases, payments, returns, and discounts
- Contra entries with receivables
- Reconciling control to supplier balances