What you’ll learn
- Reconcile partner balances to source documents.
- Check operational and ledger cutoffs together.
- Preserve open obligations after closing.
Useful terms
- Subledger
- Detailed balances for parties or obligations supporting the general ledger.
- Cutoff
- The boundary determining which events belong to a period under the policy.
Step-by-step operating routine
Collect source obligations
List accepted hires, crossing charges, approved extras, commissions and adjustments. Tie each to actual source work and contractual terms. Do not rely on a partner statement alone when it includes unsupported items.
Record or confirm- Source hire / transfer
- Accepted amount
- Extras
- Adjustment
Reconcile advances and payments
Match verified payment references and allocations. Keep pending, failed and disputed items separate. Compare partner acknowledgements with internal records and resolve duplicates before calculating the final balance.
Record or confirm- Advance
- Payment
- Allocation
- Partner acknowledgement
Review the settlement draft
Show opening balance, new obligations, credits, payments and closing amount under policy. Have an authorised reviewer inspect disputed or unusual entries. A settlement agreement and payment success remain separate states.
Record or confirm- Opening
- Obligations
- Credits
- Payments
- Closing
- Reviewer
Reconcile operational and ledger totals
Check unbilled eligible work, accrued or pending costs, custody exceptions and document blockers at the cutoff. Compare subledgers and general ledger under the accounting policy. Investigate differences even when journal debits and credits balance.
Record or confirm- Cutoff
- Operational obligations
- Subledger
- GL
- Difference
Close and control later changes
Obtain sign-off and restrict unauthorised backdated edits. Handle later evidence through approved adjustment or reopening. Preserve outstanding owners and the original close evidence.
Record or confirm- Sign-off
- Period controls
- Later adjustment
- Open-task owner
A partner balance at close
An illustrative partner starts with ₹5,000 due, earns ₹30,000 accepted hire and receives ₹10,000 verified advance plus ₹15,000 later payment. With no other items, ₹10,000 remains due. A disputed extra is shown separately pending review. The journal can balance while the disputed amount remains operationally unresolved.
- 5,000 + 30,000 − 10,000 − 15,000 = 10,000.
- Keep unsupported extras separate.
- Compare source work with the ledger.
Exceptions and mistakes to avoid
- Do not erase a pending obligation because a period is closed.
- A balanced journal does not prove the correct party or amount.
- Backdated changes require controlled accounting treatment.
Period-close reconciliation
Include goods and documents as well as money; use the same cutoff and timezone.
| Area | Source total / state | Ledger or record total | Difference | Sign-off / owner |
|---|---|---|---|---|
| Carrier A | ₹10000 due from source items | Compare subledger | Investigate any difference | Finance reviewer |
Includes the illustrative row and blank rows. This is a planning worksheet, not a HiVAM import format. Keep your completed copy private; do not add credentials.
Check your understanding
Try answering first, then open the explanation. Use the worksheet and source records to practise the task.
Does balanced accounting prove source correctness?
No. Verify party, amount, timing and supporting obligations as well as debit-credit balance.
What happens to missing POD after close?
It remains an owned operational obligation; closing the period must not conceal it.
Put it to work with HiVAM
Use these connections to explore the relevant product workflows. Confirm access in your deployed release; API capabilities require an integration or an available interface.
Partner settlement and balanced journals
Trace settlements and balanced journals to their source documents.
Operational enquiry and actionable reports
Inspect detail behind period totals and unresolved operational work.
Keep your learning moving.
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Try the workflow with your team.
Bring a representative job and an exception to a HiVAM demonstration. Review saved records, permissions and handoffs alongside the interface.