Definition
Agreeing the total of the AP subledger (open supplier balances) to the accounts payable control account in the general ledger, and explaining any difference.
Also called: AP reconciliation, AP subledger reconciliation
Key points
- Differences come from manual journals to the control account, timing of postings and items posted to the wrong period.
- It is a month-end control; vendor statement reconciliation is the supplier-by-supplier check.
- Debit balances found during the reconciliation are recoveries to follow up.
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