Supplier Statement Reconciliation|
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Spot Invoice Discrepancies
The supplier statement reconciliation is an opportunity for accounts payable to spot invoice discrepancies before they are paid and to make sure the invoice process is complete. The key is to identify any invoices or credit notes on the supplier statement that are not on the accounts payable ledger or vice versa.
The supplier statement contain details of all invoices, credit notes, discounts and payments made on the supplier account (according to the supplier). By reconciling the supplier statement to the supplier account in the accounts payable ledger, any discrepancies or errors will be picked up.
Balance Supplier Ledger
Reconciling supplier statements is a critical control for Accounts Payable to ensure the ledger entries are correct. In an ideal world, automating the process would enable a much higher volume of statements to be reconciled, exceptions would be resolved proactively, and suppliers would be paid on time - every time.
ACOS Procurement and Supplier Management
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