Also known as Supplier or Creditor Reconciliation - balancing a suppliers/vendors statement against your cash book/GL for all payment/invoices paid. Difference of which will result in either unpaid invoices, due credit notes, overpayment, interest charged on unpaid a/c's etc.
Kannan
Mar 6th, 2012
Vendor reconciliation means statement showing difference of Company payable to vendor account balance & vendor outstanding balance.Vendor reconciliation refers to finding out the reason of difference (open items) and resolution of the same.
khalid
Dec 5th, 2012
Vendor reconciliation is A statement received from vendor which contains details of invoices of that vendor for a perticular period, vendor wants to confirm that these invoices has been paid or not, the balance vendor has open for this invoices shoudl match the payment made to that vendor.
Ashok kumar
Jan 3rd, 2013
Vendor reconciliation statement means a valid balancing to vendor invoice statement to company General Ledger statement for a particular period. If any difference occurs it means that should be unpaid invoice payment or over payment or interest on late payment etc.
sher singh
Jun 30th, 2015
Vendor account reconciliation is out standing of suppliers or sundry creditors.
VIKRAM SINGH
Aug 4th, 2015
Vendor account reconciliation what is the amount of vendor in our books. vendor account and our account much be tally that like this payment, invoice, debit note , credit not , closing or opening balance.
Ajay Sachdev
Jun 2nd, 2016
I need vendor reconciliation format in excel
Navdeep Rana
Jul 12th, 2016
Vendor reconciliation is a statement where we find out difference between vendor account and our account
Saju
Sep 16th, 2016
To understand the creditors aaccounts as well as in debtors account
PRITI
Sep 23rd, 2016
Vendor a/c reconciliation is done to our creditor, it can be monthly, quarterly, half or yearly or SOS . This is done to determine how amt is payable to creditor (current liability)
Sagar Nayak
Nov 1st, 2016
Vendor Account Reconciliation means to identify the difference between our books of accounts against Vendor and Vendor. Some times there are mismatch between vendor books with our books which happened because suppose a transportation charge cdebited to our account by vendor but we dont post to our books of accounts.Example: -
Opening Balance Rs. 100000.00 Dr
17/01/2016 - Debtor Account Dr. Rs. 35000.00
Transportation Charges Rs. 1500.00 Dr
Closing Balance as on 31/01/2016 (Rs. 1,36,500.00 Dr)
So the vendor gives the account statement showing that the outstanding as on 31/01/2016 is Rs. 1,36,500,00
But in our books of accounts it showing like this :
Opening Balance Rs. 100000.00 Cr
17/1/2016 Vendor a/c Rs. 35000.00 Cr
Closing Balance as on 31/01/2016 (Rs. 1,35,0000 Cr)
So here the difference between two account statement is = 136500-135000= 1500.00 (Transportation Charges)
So like this there are certain mistakes which gives us the mismatch between these two accounts, So through vendor reconciliation we find out out the difference make necessaries entries.
Seraj Ali
Nov 28th, 2016
Matching of our companys cash book to the vendor statement. And adjustment balancing amount.
Logesh
Aug 28th, 2017
Concept:
The VAR is a report to know the fund details which has been given to the vendor from company.
Usually the Reconciliation involved minimum two accounts. Ex, Company account and Vendor account.
Note: The Reconciliation account should ends with "0"
Vendor Account Reconciliation
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