Payables control account
The payables control account summarises total trade payables in the general ledger and is reconciled to supplier balances. Credit purchases increase the control account; payments and purchase returns normally decrease it. Add the individual supplier balances in the payables ledger and compare that total with the control balance. Correct errors in whichever record contains them. A reconciliation identifies differences before corrections are posted to the proper records.
Worked example
A credit purchase credits the control account and increases the amount owed.
Common mistake
A debit balance on an individual supplier account can arise; investigate rather than automatically removing it.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Supporting | July 2027–August 2028 |
| ACCA | FA | Direct | September 2026–June 2027 |
| ACCA | K1 | Direct | July 2027–August 2028 |
| CIMA | BA3 | Direct | Official assessment-window verification pending |
| FIA | FFA | Direct | September 2026–June 2027 |
