In the process of doing business, quite often situations arise when counterparties are required to reconcile settlements on contractual obligations. In addition to the control function, such an operation can become an important argument in defending the rights of the creditor.
What document is used to reconcile payments
Verification of settlements can be carried out under a specific agreement or for all obligations in the complex. Reconciliation of reciprocal payments is appointed as necessary, the obligation to regularly conduct such checks is not established by law. But, despite this, such reconciliations are very popular and important for conducting commercial activities.
The reconciliation act, which is executed according to the results of the audit, is an important document that is widely used. Such a document prevents the occurrence of errors in accounting and clearly demonstrates the debt obligations of partners.
The unified form of such a document has not been approved for accounting, therefore, companies compile a settlement register in any form, but at the same time observe the rule of mandatory details.
In order for the information to be reflected as clearly as possible, it is necessary to add the following constants to the act of reconciliation of calculations:
- Name of company.
- Reconciliation period.
- Details of the counterparty with whom the verification is carried out.
In the tabular part of the document, payments should be placed in the context of concluded agreements and payment dates, invoices. The lines may contain the numbers of invoices, payment orders, acts and accounts. All payments made are summed up to the total value. In confirmation of the correctness of filling out the document, the act is endorsed by both parties. A seal is required at the bottom.
In case of disagreement of one of the parties, the act is not signed until the inaccuracies are corrected. Or the dissenting partner contributes in its part of the document those numbers that it considers correct. The resulting difference between the two tabular registries may be the subject of dispute and acquittal in court.
The absence of a particular attribute does not render the document void. An exception is only the signatures of the parties, which consolidate the financial position of each participant in the transaction.
The reconciliation report must be made in duplicate. The chief accountant or director of the company has the right to sign the document. But if such a paper will appear in court, it must be necessarily endorsed by the head.
On the basis of the act, the statute of limitations for overdue debts may be established.
Quite often in accounting practice there are debts whose payment term has long expired. Such amounts are considered hopeless. To reflect the real picture of receivables, these obligations are written off after the statute of limitations.
Using the reconciliation act, you can fix the start date of the three-year period. A newly signed reconciliation act interrupts the previous statute of limitations, and the countdown begins again. By this action, the debtor confirms his obligation to the partner.
An incorrectly completed reconciliation report in court will not help
If the act was filled out incorrectly, then he will not be able to protect the rights of the debtor or creditor in court. For example, the lack of information about the occurrence of debt will be for the defendant a reason for not recognizing the obligation. In addition, all information entered in the register must be confirmed by primary documents.
Reconciliation of tax payments
In order to avoid problems when dealing with the tax, it is recommended to conduct regular reconciliation of tax deductions. It is advisable to order an act of reconciliation with the tax at least once a year. Such a document is also useful for obtaining a certificate of absence of debt, which is provided upon request.
Currently, the tax reconciliation certificate can be ordered through electronic communication channels. To do this, you need to send a request through a specialized operator and certify the document with an electronic digital signature. You can also order the act in person, but for this you will need a letter of inquiry with the details of the company.
The tabular part of the act reflects not only the amount of the payments paid, but also the amount of penalties accrued in case of delay in tax payment.
