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There should be no discrepancy between the control account and its subsidiary accounts when computer-based accounting systems are used nowadays for record keeping.

wrongway (歧途)
If any discrepancy does occur, then it is a data integrity issue, which falls into the domain of the IT staff.
However, you do need to reconcile the subsidiary accounts by making sure that the balances in each subsidiary account are correct. By doing this, you also make sure that the balance of the corresponding control account is correct and ultimately the right amount is showing on the financial statements. For example, there may be only one trade receivable control account on the G/L, and the balance in this control account may come from many subsidiary accounts, each of which corresponds to one customer. The balance of a subsidiary account may be inaccurate for different reasons. For example, a payment may have been applied to the wrong account. An invoice may have been billed to the wrong customer. Credits that are issued are not updated.
(#81048@41)
2014-6-17 -05:00
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