Vendor Reconciliation Procedure (Debtors and Creditor Reconciliation Steps)

Last updated at April 16, 2024 by Teachoo

It is done for major debtors and creditors

In this, we compare

Party’s Ledger in our books

With

Our Ledger in Party’s books

And Report Differences if any

Request Party to Give Our Company’s Ledger in their books (preferably in excel format)
Open Party Ledger in our books and Export in Excel
Copy paste both in One Excel file
Compare and Match Entries (If in our books, it is showing payment made to party, then in Party’s book, it will be showing Receipt of same amount)
For those entries which are not matching, prepare list of same.
Group Similar type of differences and Create Heading for the same
Prepare Vendor Reconciliation containing summary of these differences

Question 1

IN THE BOOKS OF MY COMPANY

Vendor Reconciliation Procedure (Debtors and Creditor Reconciliation Steps) - Reconciliation Procedure