Debtors ledger, control account, schedule of debtors and credit control

What this note covers

1. Why two records exist for the one debtors balance
2. The schedule of debtors and why it must agree with the control account
3. Posting to the individual debtors ledger account
4. Credit control: screening, limits, discounts and interest
5. Worked example: charging interest on an overdue account
6. Digital technology and the debtors function
7. How debtors ledger content is examined and what a top response shows

7 sections · 10 key terms & formulas · 6 common mistakes