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AAT Level 2 Accounting Costing Accounting Finance Computerised
 
Modules
Basic Accounting 2
   

Control Accounts

Functions of Control Accounts

  • Provide a summary of the total of debtors and creditors
  • Cross-check to avoid fraud.
  • Locate errors

Sales Ledger Control Account

  • Also known as the 'Trade Debtors control account'
  • Shows how much your customers owe at any given time
  • Must be reconciled each month to ensure it reflects the same balance as your Aged Debtors report
  • Any difference must should be investigated

Purchase Ledger control account

  • Also known as the Total creditor control account
  • Shows how much you owe to your suppliers at any given time
  • Must be reconciled each month to ensure it reflects the same balance as your Aged Creditor report
  • Any difference must should be investigated
   
 
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