+- Accountancy Forum (https://www.accountancy.com.pk/forum)
+-- Forum: The Profession (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=4)
+--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=7)
+--- Thread: inventory recon account (/showthread.php?tid=6186)
inventory recon account - tango_acc - 07-15-2009
hi,
i do know that asset, customer and vendor have reconciliation account in GL.
may i know if inventory/stock account also considered as recon account? why?
thanks
rgds
- faisal_desperado - 07-19-2009
Dear,
No inventory reconciliation is required to be incorporated in accounts,
However,if any such policy is exist, Internal Auditor or any other person on instructions, may issue certificate, which may indicate the reconciliation of Stock balance in accounts to that of its physical quantity to avoid any possible embezzlement.
Best Regards,