The final product of all annual activities of a company is the final account (balance sheet) that faithfully shows the state of assets and liabilities on a certain date.

An integral part of assets/liabilities are also receivables from customers and liabilities to suppliers. One of the control systems is the reconciliation of liabilities and receivables using statements of open items (IOS).

According to the Law on Accounting and Auditing of the Federation of Bosnia and Herzegovina (Official Gazette of the Federation of Bosnia and Herzegovina 83/09), Article 28 stipulates the legal obligation to reconcile liabilities and receivables on December 31 of the current year.

IOS is a list of all unpaid invoices on a certain date that the company sends to its customers and suppliers. The first part of the IOS is intended for confirming the status (if we agree with the stated) and the second part where a disagreement can be expressed (if the situation in the books is different). IOS is also sent to customers who do not have debts on the date of the IOS in order to determine turnover.

The recipient of the confirmation is obliged to respond to the sender of the confirmation within 8 days.

For any additional information and any questions, you can contact us by phone or email at info@respect.ba.