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What control could be put in place to check if invoiced sales are recorded for the correct customer.
The text says to perform receivables ledger reconciliation. (check info in individual ledger matches that in nominal) What do they mean about “nominal”. Which nominal account can you check against.
I do not think the text is correct. The standard control on debiting the correct customer is sending regular statements to customers, who will then complain about incorrect amounts.
Actually the whole question is:-
RISK
Invoiced sales may be inaccurately recorded, missed or recorded for the wrong customer.
CONTROL
This includes:-
– perform receivables ledger reconciliation (check info in individual ledger matches that in
nominal).– perform receivables ledger control account reconciliation.
What is the difference between the above 2 controls?
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