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The Other Creditors template is a standalone reconciliation for any miscellaneous creditors balance that isn't already covered by a dedicated template. You choose exactly which nominal accounts belong in it, so it can reconcile a single nominal code or several combined.

Table of contents 

When should I use this template?

Use it whenever the trial balance includes an "other creditors" or similar catch-all payables balance that isn't already evidenced by the Accruals, VAT, Corporation tax or another dedicated template, and you need to show what makes up that balance.

Before you start

Decide which nominal accounts should be reconciled together in this template. It can be just one account or several.

Background

This is a general-purpose reconciliation working paper: it supports and evidences whatever balance you choose to pull into it, rather than following any specific accounting requirement.

Steps

  1. Pull in the relevant nominal accounts using the account-selection (#) functionality at the top of the template. A default account is pre-selected but can be changed.
  2. The template lists each selected account with its current year value, and its prior year value where a comparative period exists, so you can see at a glance what's included.
  3. In the Represented by section below, itemise what makes up the balance: for each line, enter a description, attach any supporting documentation, and enter the current year value (and prior year value, where applicable).
  4. The template automatically compares the trial balance total for the selected accounts against the total of your itemised lines. If a difference remains, an indicator appears showing the trial balance value, the template value and the difference, so you know the reconciliation isn't complete yet.

What flows through to the rest of the accounts/workflow?

The reconciled other creditors balance supports the corresponding creditors figure shown in the accounts and notes.

What rolls forward next year?

Nothing carries forward automatically. There is no built-in roll-forward for the selected accounts or the "represented by" breakdown, so both need reviewing and re-entering each period. The prior year comparison figures shown alongside are pulled in for reference only.

Where the data comes from

The nominal ledger accounts selected by the preparer for the current and prior period.

Frequently asked questions

How many accounts can I include?

As many or as few as you need, from a single nominal code up to five or more combined.

Why is the reconciliation showing a difference?

The total of your itemised "represented by" lines doesn't yet match the trial balance total for the accounts you've selected. Check you haven't missed an item, and that the values you've entered are correct.