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This question is about project accountant skills.
What is a control account in accounting?
A control account in accounting is an account that has the debit and credit totals of other accounts. Control accounts are used to prepare financial statements. Control accounts can also be referred to as adjustment accounts or controlling accounts.
Companies have control accounts to keep their general ledger clear of too many details. Control accounts are clean entries that match overall amounts of funds, debits, and credits in more detailed ledgers.
A control account can also be considered a general account that displays transaction totals with detailed data excluded from subsidiary ledgers.
A typical example of a control account is the general ledger account, which most commonly has the Accounts Receivable title. When this is utilized as a control account, it will only contain summary figures regarding transactions.
Here are some common summary amounts that can be found in control accounts:
Total credit sales for one day
Total collections from customers for one day
Total returns for one day
Total allowances for one day
The total amount owed by all customers
In addition to accounts receivable, control accounts can also be used for accounts:
Payable
Equipment
Inventory
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