FAQ
Invoice Reconciliation FAQS
1. What is an accounting invoice?
An accounting invoice is a bill that lists the details of the products or services distributed to a customerthrough an individual or company. Invoices naturallycontain the number of items delivered, the description of services, the price of each item or service, and the delivery date, method, and address. Other details usually listed on an accounting invoice include account number, invoice date, invoice number, purchase order number, payment due date, and payment address.
2. How to Do General Ledger Reconciliation?
Establishments keep track of their assets, liabilities and stockholders' equity accounts in a general ledger. It is used to record any changes that affect the balances of these accounts. Variations are recorded as debits or credits, depending upon the account's classification. Account names may be cash, equipment or accounts payable. Most companies or organizations reconcile their general ledger on a monthly basis. The reconciliation procedurecontains comparing the original documents that caused changes in the account balances to the ledger's entries. The reconciliation is completedthrough someone other than the person responsible for approving the original account transaction.