What is a debtors control?
submitted by William Board

mistergurkle

Debtors Control is the account in the general ledger that records all amounts owed to the business by its customers that come from credit sales.

It functions as a subsidiary ledger that helps monitor receivables. This helps ensure timely collection and accurate reporting.

dontruinitall

It's like a big list of all the money owed to a company it by customers who bought things on credit. It helps the business see how much money they should be receiving.

It's kind of like your friend's IOU note, but with more numbers and fewer pizza promises. It keeps track of everyone who's borrowed from you so you don't have to play detective when it's time to get paid!

billybarty

Debtors control is the account where a business keeps track of all the people / companies that owe it money. It shows how much money the business is waiting to get from customers who bought stuff but haven't paid yet.