Question
In: Accounting
Briefly explain two reasons for the reconciliation of vote book.
Briefly explain two reasons for the reconciliation of vote book.
Solutions
Expert Solution
As we know that vote book is maintained by an officer to reveal balances available, to show all commitments and outstanding liabilities and to know that there is proper control over expenditure.
Followings are the two reasons for the reconciliation of vote book;
1. Reconciliation is done to ensure that all adjustments are cleared in a timely manner because if it is not done then we can not know the effeciency & effectiveness of prepartion of the annual appropriation accounts. Thus reconciliation of vote book is made to assure about this motive.
2. Reconciliation is done to see that charges made to votes are under their control and agree with those shown by treasury abstracts. That is why the reconciliation is done to check such case and to make any necessary adjustments without delay so that charges can be kept under control in timely manner and required adjustments can be made within resonable time limit.
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