Matching transactions using formulas [Accounting]
Imagine you are the head of Accounts Receivable department at a large company. Drab, I know, But humor me and imagine.
Now, every month you get a transaction report.
And you want to know which numbers are matching up.
i.e, if your company gave Vendor-0002 $872.34 on 1st of April, 2014 and your received below payments from them subsequently,
- $427.77 on 1st April
- $152.88 on 2nd April
- $291.69 on 2nd April
Then you consider the account matched since the total received is same as total payable.(427.77 + 152.88 + 291.69 = 872.34).