Introduction to control accounts

Knowing how to take care of payables and receivables in a business will really help a business to keep a float. Payables and receivables involes numerous transactions with various businesses and individuals. This could be erronously recorded resulting in wrong entries and false statements. There is therefore, a need to have an accurate check on the transactions made in the payables and receivables acccounts. This can only be done through the control accounts to help check on every detail made in the ledger accounts. The document attached will provide you with a summary of what control accounts are and some of the details needed to prepare control accounts.