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WHAT IS THE RECONSILLATION ACCOUTN
WHAT IS THE NEED OF RECONSILLATION AND WHERE IT EFFECTED
CAN WE MANINTAIN CUSTOMER AND VENDOR MASTER RECORD WITHOUT
RECONSILLATION ACCOUNT.
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Answer Posted / georgefico
1. Reconciliation is a process of clearing/matching your
Dr/Cr entries against the Bank statement.
2. Customer and vendor accounts are sub ledger GL's. We
will have to create two reconciliation GLs in viz.
While creating customer and vendor master records, we have
to mention respective reconciliation GL in their company
code segment details. This recon a/c will show you the net
balances in GL for customer and vendor a/cs.
Without creating Vendor you can still create individual GL
for each customer and vendor , but then
1) Your list of GL's in chart of account will be very
lengthy.
2) Duplication of work as SD/ MM people are also required
to create their own list.
3) Cross company code consolidation will not be possible as
the chart of accounts will be different.
4) Very difficult to keep track of individual customer/
vendor a/cs.
5) Not advisable even in real time accounting system i.e.
manual book keeping.
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