Reconcile Control Account Nominals for Month-End

To support accounting processes, complete the following tasks for all control account nominals:

Control Account Nominal Tasks to complete
BACS Suspence

There should be no balance against the nominal. If any balances remain, check all payment runs have been completed and posted
Creditors <1Y-Trade Creditors
  • Reconcile the transactions for nominal from the Trial Balance against the Aged Creditors report
  • Investigate any differences
  • Check the age of invoices and document reasons for late payments
Debtors <1Y-Debtors control account
  • Reconcile the transactions for nominal from the Trial Balance against the Aged Debtors report
  • Investigate any differences
  • Check the age of debts and that outstanding amounts are being chased
  • Account for any bad debts
Creditors <1Y-Credit Card Control

Check the balance in the Trial Balance. To clear the nominal, if the direct debit has been taken, post the direct debit.
Petty Cash-Petty Cash Control Account Check the balance matches the Petty Cash Tin balance.
FD-Pension Fund-Fund balance

Check all employee and employer pension contributions for the next month are recorded

If required, get the Local Gov Pension Scheme

Payroll control account-Payroll 1 Check the balance equals all employee and employer PAYE and NI contributions for the next month
Debtors <1Y-VAT Control

Check the amount matches what you expect to receive from HMRC for the previous month VAT return

Any balance in the Debtors <1Y-VAT Recoverable (Inputs) and Creditors <1Y-VAT payable (Outputs) nominals must be for the month you are working in prior to doing that month's VAT return.
Intra-Company/Academy
  • Check the balance equals zero in the Trial Balance for all core nominals
  • To investigate any differences, use the Intra Company Transactions Report

If using the intercompany option, location-specific Trial Balances always balance.