Dear Tapas,
As far as I know reconciliation account and special G/L account concepts can help you in this issue.
You can define for example a vendor account and a reconsiliation account for. Then you can have some speciall G/L accounts which are related to this vendor. You can connect these accounts through special G/L indicator to vendor master record.
In fact in this way you will have just a G/L account for each vender that will be as a reconcilation account.
Regards,
Omid