What is a control account
Example of a Debtors Control Account
How you wages figure can be wrong
Example of a Wages control account
Control Totals and Individual transactions
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IBAPP #021 – Control Accounts, misunderstood but a time saver1 comment to IBAPP #021 – Control Accounts, misunderstood but a time saverLeave a Reply |
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Control accounts are misunderstood, but there is nothing wrong with naming any account with the term ‘Control’. A ‘VAT Control’ is a great example. You can use a single account to record both the input and output tax. Whatever the balance is is how much you owe (or are owed). This is an example of a control account that does not connect to a separate ledger.