Why have control accounts for debtors and creditors?
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Video Overview
This tutorial delves into the question: "Why do we have control accounts for debtors and creditors?" When working with accounts receivable and accounts payable, we work with individual debtors and creditors accounts which are structured differently to the conventional T accounts, being more in a statement form. These form the debtors and creditors ledgers which are actual ledgers kept by the business. We then compile a debtors and creditors list from the debtors and creditors individual account balances in the ledgers. Then we reconcile everything by comparing it with the debtors control account and the creditors control account.
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