Recognition for Creditors Reconciliation

ACCOUNTING

CREDITORS’ RECONCILIATIONS STATEMENT GRADE 11

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CREDITORS’ RECONCILIATIONS

CAPS GRADE 11 TERM 1 WEEKS 1 – 3: Grade 10 Grade 11 Preparation of debtors’ and creditors’ lists to reconcile with the debtors’ and creditors’ control accounts (including errors and omissions)   Grade 12 Bank reconciliation Reconciliation of statements received from creditors with accounts in Creditors’ Ledger to prepare Creditors’ reconciliation statements Analysis and interpretation of bank, debtors’ and creditors’ reconciliations     Reconcile creditors’ statements with personal accounts Reconcile debtors’ lists and creditors lists with control accounts Analyse and interpret debtors’ age analysis Analyse and interpret bank statements and bank reconciliation statements

Remember!! From the previous lessons (Debtors control Reconciliation and Bank Reconciliation) we defined the following reconciliations as follows: 1. Account reconciliation is a process of comparing two sets of related records (usually balances) from different sources (accounts, systems, etc.), identifying and analyzing differences, and making corrections (if needed). 2. Reconciliation of Control Accounts is the process of comparing the balance on a control account and the total of the debtors or creditors ledger (subsidiary ledger). When there is a difference, the causes must be found and the necessary corrections made. 3. Bank reconciliation is the process of comparing and matching entries from the accounting records against those shown on a bank statement. The result is that any transactions in the accounting records not found on the bank statement are said to be outstanding.

To clear confusion around reconciliations, study the table below and compare it with the curriculum per grade (CAPS). Refer to the grid above.

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Reconciliation statements are commonly constructed in the following situations No 1 2. 3. Type of Reconciliation Debtors Control Reconciliation...