Creditors Reconciliation Flashcards
1
Q
What is the purpose of creditors reconciliation?
A
To ensure the ‘amount due’ on the creditor’s statement is accurate
2
Q
What is a remittance advice?
A
A statement that accompanies payment to a creditor, showing adjustments necessary to the statement received from the creditor
3
Q
Where must corrections to the creditors journal be made?
A
The general journal because creditors reconciliation happens after creditors journal is closed off
