• Vendor reconciliation means statement showing difference of Company payable to vendor a/c balance & vendor outstanding balance. It is reconciled from both account balance company and vendor. If there is any advance to vendor it will reduce the balance from company payable amount.
• Reconciliation following the below steps,
  • Verify that the accounts payable journal was properly posted to the general ledger.
  • Verify that the aged accounts payable report was printed after all posting was completed.
  • Verify that the general ledger is set to the correct reporting period.

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