Pls guide me when should we make Confirmation of Accounts and who will send to whom and also the how to send , any format for it or how many copies need to get .
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Confirmation of accounts
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Balance confirmation may be obtained periodically i.e. montly, quarterly, semi-annually, annually etc. This excercise may be done atleast once in a year for prompt settlement of transactions. Confirmation may be obtained from all debtors, creditors, banks (for all accounts including current, loan, term deposits, EEFC, escrow, etc), borrowers, other lendors, etc.
The format is enclosed. You modify the same to suit your requirements.
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