Debtors’ Reconciliation (Grade 12 NSC Matric Accounting): Flashcards
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What debtors' reconciliation compares
What debtors' reconciliation compares
Control account balance with total of individual debtor balances
Posting frequency for individual entries to customer accounts
Posting frequency for individual entries to customer accounts
Daily
Posting frequency for journal totals to control account
Posting frequency for journal totals to control account
Monthly
Accounts affected by entry errors
Accounts affected by entry errors
Both individual debtor's account and control account
Accounts affected by total errors
Accounts affected by total errors
Only the control account
Undercast journal meaning
Undercast journal meaning
Amount recorded as less than it should be
Overcast journal meaning
Overcast journal meaning
Amount recorded as more than it should be
Effect of wrong side posting
Effect of wrong side posting
Creates a double effect
Step 1 of debtors' reconciliation
Step 1 of debtors' reconciliation
Verify journal entries against source documents
Step 2 of debtors' reconciliation
Step 2 of debtors' reconciliation
Check journal casting (verify arithmetic accuracy)