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Control accounts and reconciliation?
I'm studying a home course in bookkeeping and I can't really get my head around this topic. Could anybody help please?
1 Answer
- olliverLv 65 years agoFavorite Answer
If separate subsidiary ledgers (eg accounts receivable ledger) are maintained, the totals on the subsidiary ledgers are posted to control accounts in the general ledger. This allows the general ledger to balance.
To make sure the correct postings have been made to the general ledger, the control account is reconciled to the subsidiary ledger.