Accounts payable (creditors) reconciliation

Video Overview

This tutorial will look at accounts payable reconciliation, also known as creditors reconciliation. Most business today will make use of a credit facility offered by preferred suppliers for various reasons. In some businesses the accounts payable is large enough to have some bookkeeping staff working all day every day in this department only. When working with the creditors control account, this gives us an exact figure of how much we owe our creditors, or suppliers, in total. To determine the amounts we owe each individual supplier, we make use of the creditors ledger and draw up a creditors list which comprises of the balances of each creditor in the creditors ledger. Then we need to reconcile the creditors list with the creditors control account in the general ledger to make sure everything is in balance. This tutorial will take you through the process involved.

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