[Download] Latest debt reconciliation record form 2024
To manage debts arising during operations, businesses often use debt reconciliation records. This is an important document that helps administrators grasp the debt situation of the business as well as manage time-limited debts. In the article below, 1C Vietnam will synthesize and help businesses with popular debt reconciliation record templates as well as detailed processes. Let's find out now!
1. What is a debt reconciliation record?
A debt reconciliation record is a document that records the process of an enterprise comparing debt in accounting books with information in actual contracts. This document is often accompanied by authentic documents from relevant parties and is valuable as legal evidence proving the accuracy of the numbers in the books.
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The debt reconciliation record records the process of comparing debt amounts in accounting books with information in actual contracts.
2. Latest debt reconciliation record form today
Depending on each business, the debt reconciliation table will be different. But in reality, debt comparison forms often follow a form prescribed by law. Businesses can refer to the sample below and edit accordingly:
Sample debt reconciliation record
3. Sample debt reconciliation record in English
For companies operating in the international market, multinational companies or incurring debts outside of Vietnam, it is necessary to usedebt reconciliation recordsin English. This record has the same value as the Vietnamese version, and is the basis for determining debt payment according to sales contracts, consulting, service contracts, commercial contracts, etc. If the enterprise does not have many If you have experience in drafting sample minutes in English, you can refer to the sample below:
Sample debt reconciliation record in English
4. Purpose of debt reconciliation table
The debt reconciliation table plays an important role in determining the payment of a business. Specifically, this minutes was drafted for the following purposes:
- Helps accountants accurately track the status of customers' debt payments to businesses.
- Supervise the implementation of terms in economic contracts that businesses have signed.
- It is an important document in tax finalization.
- It is the basis for the parties to determine whether the payment status of the buyer and the seller is on time.
The debt reconciliation table plays an important role in determining the payment of a business
5. When should debt reconciliation records be used?
Debt reconciliation recordsare usually prepared at the end of the accounting period or year. At that time, the business accountant will prepare a record for each supplier/customer and send it to confirm the debt amount.
Debt reconciliation records are usually prepared at the end of the accounting period or year
6. Principles for accurate debt reconciliation
To ensure the information in the minutes is accurate, the debt reconciliation process needs to be carried out transparently, ensuring compliance with the following principles:
- Ensure all information related to debt reconciliation activities does not violate the provisions of law.
- Establish a principle of reconciliation based on mutual respect and the spirit of voluntariness of relevant parties.
- The comparison process must fully comply with the conditions related to the subject of comparison according to current provisions of the Law.
- The reconciliation process must be done through documents, specifically debt reconciliation records or equivalent forms. These documents will be stored and used when declaring taxes with State agencies as well as checking the payment status of related parties.
The comparison process needs to be established on the principle of voluntariness and respect of the parties involved
7. Necessary information in the debt reconciliation table
In order for a debt reconciliation record to be legally valid and usable in the process of contract liquidation as well as dispute resolution, the record needs to contain all of the following information:
- Clearly state the business, company, or individual names of the participating parties.
- Full information about buying and selling parties.
- Number of enterprise reconciliation minutes.
- Time and place to prepare debt reconciliation records.
- Attach all relevant documents and papers and the basis of the debt mentioned in the minutes.
- Detailed debt data.
- Final conclusion about debt.
- Have enough signatures and seals of all parties participating in the comparison process.
The minutes must contain complete information of the participating parties
8. Mistakes are often made when preparing a debt reconciliation table
In the process of preparinga debt reconciliation record, businesses may make some unfortunate mistakes that cause the record to have no legal effect or lack necessary information at the year-end settlement period. Below are mistakes to avoid to draft debt reconciliation records most accurately and completely:
- The customer response rate for debt confirmation is often low, but businesses do not urge or continue to request it. This leads to debt management having many loopholes and ineffectiveness.
- There is a discrepancy between the accounting books andthe debt reconciliation recordbut the cause is unknown.
- Some businesses do not perform regular debt reconciliation, or have encountered data mismatch problems or debts that are not linked to specific objects.
Avoid discrepancies between accounting books and debt reconciliation records for unknown reasons
Thus, the article on 1C Vietnam has compiled the most populardebt reconciliation minutes samplesalong with drafting principles and common errors that should be avoided. We hope that your business has received more useful information. In the process of drafting debt reconciliation records and managing debts, businesses can additionally apply 1C:Company Management software. The software allows recording, controlling and analyzing debts with customers and suppliers, details for each object as well as each order. At the same time, the software also has a debt aging system, thereby controlling old and new debts in the business. See more detailed information about 1C:Company Management via hotline (+84)247 108 8887.