What is Vendor Reconciliation and how is it done ?



What is Vendor Reconciliation and how is it done ?

  • Vendor reconciliation means statement showing difference of Company payable to vendor a/c balance & vendor outstanding balance. It is reconciled from both account balance company and vendor. If there is any advance to vendor it will reduce the balance from company payable amount.
  • Reconciliation following the below steps,
    • Verify that the accounts payable journal was properly posted to the general ledger.
    • Verify that the aged accounts payable report was printed after all posting was completed.
    • Verify that the general ledger is set to the correct reporting period.

Related Searches to What is Vendor Reconciliation and how is it done ?