The debt reconciliation report is an important document used in accounting to confirm the debt balance between two partners after an accounting period (month, quarter or year). Making and signing this report helps businesses ensure transparency and accuracy in recording receivables and payables, while limiting the risk of future disputes.
Through the debt reconciliation minutes, both parties review the invoice and voucher data, compare the amount paid, outstanding or additional. This document is an important basis for accounting, financial reporting as well as auditing and tax settlement.
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