Question

Goods Received and invoice Received
reconciliation will be performed
before closure of which books?​

Answer 1

Answer:

Vendor reconciliations compare the balance owed on supplier provided statements to transactions within the payable ledger and its overall balance. Supplier statements are not provided automatically so may need to be requested periodically in order to reconcile these accounts.

Answer 2

Answer:

It is generally carried out before the closure of accounts.

Explanation:

Reconciliation of Books is the reconciliation process carried out by the company prior to the closing of its books of accounts to make sure the books are accurate and free of manipulation or fraud.

            To maintain the current books, it is best to do it monthly, but it can also be done quarterly or annually. The frequency of reconciliation should be higher so that the procedure can be more frequent.

              But keeping records of accounting is insufficient. Additionally, the accounts must be thorough and correct. There are several checks and controls to make sure of this, but "Reconciliation of Books" is one of the most fundamental and important ones.

The reconciliation should be performed because-

• To Detect fraud
• To Ensure records are complete
• To Ensure records are accurate

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