The Debtors and Creditors Control ledgers are two of the most important accounts a business can have as they represent money owed to you by your customers and money owed by you to your suppliers. Therefore, you should be balancing of these accounts at least on a monthly basis.
Another important consideration of debtors and creditors is to prepare an aged debtors and creditors list. An aged creditors report is a totalled list of all the invoices that you haven’t yet paid, less any credit notes that you haven’t yet been refunded for.
The report usually sorts the invoices by supplier and date, and groups together unpaid invoices and credit notes that are due in various time periods. It subtotals debt by supplier and time period so that you can see how much you owe to each supplier, and the total amount that you have to pay by a specific date. The debtors aged creditor report is the same principle except records debt to you.
The Debtors and Creditors Control Accounts are two of the most important accounts on the nominal ledger, as they represent money owed to you by your customers and money owed by you to your suppliers. Therefore, most companies reconcile these accounts on a monthly or yearly basis.
Benefits of Our Creditor And Debtor Control Services
The Time People are Taking to Get Paid
Increases (speed of increase) of Debt Amount
Early Warning Signs of Defaulters
Quicker Response to Defaulters
Credit Control & References
Cash Flow Projections
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