How to reconcile a supplier statement

A supplier's statement rarely matches your own ledger. Find the differences, tell timing from errors and agree the balance.

MediumPremium10 min
Task 1Two records of the same account4 questions

A supplier statement is the supplier's record of what you owe. Your purchases ledger account for that supplier is your own record of the same thing.

Statement from Greenfield Imports to Saltmarsh Coffee, 30 June
DateDetailsAmountBalance
1 JunBalance brought forward900.00
6 JunInvoice G2011,200.002,100.00
14 JunPayment received(900.00)1,200.00
20 JunInvoice G230660.001,860.00
28 JunInvoice G244540.002,400.00
Saltmarsh Coffee, purchases ledger: Greenfield Imports, June
DateDetailsDebitCredit
1 JunBalance brought forward900.00
6 JunInvoice G2011,200.00
14 JunPayment900.00
20 JunInvoice G230660.00
29 JunPayment1,200.00

In the ledger account the balance is the credits less the debits. Then compare the two records line by line.

Task 2Agreeing the two balances3 questions
Task 3Timing or error3 questions