Question

Goods received and invoice received reconciliation will be performed before closure of which books

Answer 1

Answer:

Reconciliation of Books is the reconciliation carried out by the company before the closing of its books of accounts in order to ensure that the books are up to date and there is no manipulation or fraud in the books of accounts of the company.

Explanation:

As we all know, Books of Accounts are the blueprints of any business. Maintaining the Books of Accounts is the key to financial management.

However, maintaining books of accounts is not enough. It is also necessary that the accounts should be accurate and complete. There are various checks and controls possible to ensure this, but one of the most basic and essential ways is “Reconciliation of Books.”

Answer 2

Reconciliation of Books

Goods received and invoice received reconciliation will be performed before closure of Reconciliation of Books .

• Reconciliation of Books is the reconciliation process used by the company to check that the books are accurate and free of fraud or manipulation before the company's books of accounts are closed.
• Reconciliation is the month-end procedure of verifying that the amounts in your Cashbook and your bank statements match. You can update the Cashbook with monthly bank fees and fix any data inaccuracies during reconciliation.
• 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 current and free from manipulation or fraud.
• 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.
• Any of the Books of Accounts can be used for these two sets of records. The two sets of records are typically gathered from internal or external sources. In most cases, the first set of records is a ledger from the company's books that needs to be reconciled.

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