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In a sales control account, the total of outstanding invoices at the beginning of the period and invoices raised during the period, less payments received for invoiced income, will give a balancing figure of invoices still outstanding at the end of the period - your debtors. You can then compare this figure with that of invoices outstanding and thereby detect any errors.
The control account | ||
Debit £ |
Credit £ |
|
Debtors at beginning of period (Outstanding invoices at beginning of period equal to closing balances for previous period) |
6589.36 | |
Total invoices in period (Total of sales day book - your list of invoices - gross figure |
13848.25 | |
Total receipts in period (Total from cash book of invoiced income) |
11250.57 | |
Debtors at end of period (Balancing figures, which should agree with prepared list) |
9187.04 | |
20437.61 | 20437.61 |
If your debtors list does not agree with the control account, check the following points:
The amended sales control might look as follows:
£ | Debit £ | Credit £ | |
Debtors at beginning of period | 6589.36 | ||
Total invoices Sales not invoiced in error |
13848.25 521.20 |
14,369.45 | |
Credit notes | 210.40 | ||
Total receipts
Sales of vehicle Addition error |
11250.57
(3200.00) (29.06) |
8021.51 | |
Receipts banked in private account | 2100.00 | ||
Bad debts | 86.00 | ||
Debtors at end of period | 10540.90 | ||
20958.81 | 20958.81 | ||
Original debtors figure per list | 8064.23 | ||
Debtor paid after period not on list | 2526.00 | ||
Debtor included twice | (80.00) | ||
Invoice paid short, amount still outstanding | 30.67 | ||
Reconciled debtors as above | 10540.90 |
Do call us if you would like any further help or advice in this area.