O'Reilly logo

The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Reconciling Accounts

The last chapter covered paying invoices, but it didn’t describe the more complicated process of managing statements from vendors or contractors. Most companies have a general policy to pay vendors or contractors based only on invoice originals to avoid duplication. Yet even with this policy in place, you’ll still get statements listing outstanding invoices for which you have no record. Reviewing these statements and knowing the status of each invoice on the statement is important. During the year, you’ll probably find on these statements invoices that have already been paid, invoices for which you have no records, and invoices for which the total differs from your records.
Good recordkeeping will enable you to quickly ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required