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control account

English translation: Trade debtors' general ledger account

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:control account
Selected answer:Trade debtors' general ledger account
Entered by: jarry (X)

10:18 Oct 6, 2006
English language (monolingual) [PRO]
Bus/Financial - Accounting
English term or phrase: control account
WHAT IS THE CONTROL ACCOUNT FOR CUSTOMER SALES ON ACCOUNT?
Andrea Kelsey
Trade debtors' general ledger account
Explanation:
It is an account in the general ledger to which bulk entries are posted as opposed to individual debtor entries in the debtors' ledger. The balances in the general ledger debtors' control account and the debtors' ledger are supposed to agree (to be reconciled) before extracting a trial balance.
Selected response from:

jarry (X)
South Africa
Local time: 21:25
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
4 +4Trade debtors' general ledger account
jarry (X)
5accounts receivable
marybro
3summary account
sigmalanguage


  

Answers


7 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +4
Trade debtors' general ledger account


Explanation:
It is an account in the general ledger to which bulk entries are posted as opposed to individual debtor entries in the debtors' ledger. The balances in the general ledger debtors' control account and the debtors' ledger are supposed to agree (to be reconciled) before extracting a trial balance.

jarry (X)
South Africa
Local time: 21:25
Specializes in field
Native speaker of: English
PRO pts in category: 12
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  Martine Brault: Trade Receivables is another option
1 hr
  -> Thank you. Both trade debtors and trade receivables are acceptable IFRS terminology.
agree  Dave Calderhead
4 hrs
  -> Thanks Dave
agree  anastasia t (X)
20 hrs
  -> Thank you
agree  Alfa Trans (X)
1 day 23 hrs
  -> Thank you
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2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
summary account


Explanation:
If you are running a company, you want to keep a different journal for each customer. That will give you an idea of the status of each customer, but you cannot see the financial condition of your company as a whole. If you want to know how much credit your company has as accounts receivable, you want to add up the amounts of accounts receivable for all the customers. Similarly you want to sum up the cash paid by the customers, the checks received from the customers, etc. The account that shows these totals is called a control account.

I might have oversimplified things. For more detailed explanations, see the following references:
http://www.toolkit.cch.com/text/p06_1430.asp
http://www.accaglobal.com/publications/studentaccountant/172...


sigmalanguage
Japan
Local time: 04:25
Works in field
Native speaker of: Native in JapaneseJapanese
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1 day 11 hrs   confidence: Answerer confidence 5/5
accounts receivable


Explanation:
Accounts Receivable < Previous Next >

Accounts receivable are unpaid customer invoices, and any other money owed to you by your customers. The sum of all your customer accounts receivable is listed as a current asset on your balance sheet...When a customer purchases something, you'll first record the sale in the sales and cash receipts journal. This journal will have accounts receivable debit and credit columns. Charge sales and payments on account are entered in these two columns, respectively.

Then, each day, the credit sales recorded in the sales and cash receipts journal is posted to the appropriate customer's accounts in the accounts receivable ledger. This allows you to know not only the total amount owed to you by all credit customers, but also the total amount owed by each customer.

Entries made in the sales and cash receipts journal are also totaled at the end of the month, and the results are posted to the accounts receivable account in your general ledger. This account is your accounts receivable "control account."

What "control" means is that after all your posting is completed, the total amount of customer balances in the accounts receivable ledger will be the same as the balance in the control account in the general ledger. If they aren't the same, you can tell that you made an error somewhere along the line.

http://www.toolkit.cch.com/text/p06_1430.asp




marybro
Local time: 15:25
Specializes in field
Native speaker of: English
PRO pts in category: 4
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