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Please correct me that:
1) List of Balances is a list of all receiveables balances from our customers that we have to receive that we prepared at the end of each month?
2) The balances for this list is taken from individual sales ledgers for each customers?
3) We can match the total amount of list of balances with the total amount in Receiveable Ledger Control Account for cross checking?
4) While the individual balances of each customer in a list of balances can be matched with individual sales ledgers for cross checking?
Thank you.
1. The list of balances is usually prepared at the end of each month, but that is up to the individual company.
2. Correct (except there is only one sales/receivables ledger, containing accounts for each individual customer).
3. Correct.
4. The list is produced by listing the balances in the sales/receivables ledger.
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