At the end of each month a statement is received from creditors. The statement demonstrations the transactions that have taken place during the month. What does this tell us? It shows us the transactions that have taken place in that specific month. So it’s information that the creditor has sent us telling us about the transactions that have ensued in that particular month. What do we do with this statement? We take the statement should be compared to the creditors ledger account to confirm that the details of all invoices and other transactions imitated on it are accurate before payment can be made. Why? Once we can confirm the correctness of that information we are now in the position to make the essential payments, so clearly we receive the statement, we confirm the accurateness and now we go on to make the payments.
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