Reconciliation and Final Accounts of a Sole Trader (M4)

Throughout your studies to date you have concentrated on entering data into ledgers and day books via a number of methods, but as yet, with the exception of the control accounts, you have only checked the entries by means of a trial balance. If the trial balance failed to balance it was suggested that a suspense account was opened to record the imbalance until the errors could be found at a later stage.

This course covers other checking procedures that should be carried out regularly to ensure that as many errors as possible are eliminated from the accounts as early as possible.

Once all the checking procedures are carried out, any discrepancies that are found can be corrected which should remove the majority of errors in the accounts.