Automated Supplier Statement Reconciliation

10x quicker than reconciling supplier statements manually; all you have to do is manage the exceptions. Book a Live Demo to see how it works for Accounts Payable and Supplier's via self-service. We'll also explain how to get started on your free trial!

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Reconciliation Process

Automated Supplier Statement Reconciliation

Supplier statements are reconciled automatically when they are first uploaded and re-reconciled on a daily basis when new transaction files are uploaded from your accounting system(s). reconciles statements by company and vendor using the invoice date, invoice number, invoice amount and currency fields. The statement reconciliation process can also work cross-company and cross-vendor if the supplier has multiple accounts on your system and rules can be turned on or off with tolerances applied. applies the reconciliation process rules automatically and allocates an overall status for the statement and a status for each line. The statuses are explained below:

So what does a reconciliation look like on the system? The screenshot below is an example of ‘Incomplete Matching’; six of the invoices on the statement are matched, but the first line is missing and it’s a credit note. From this screen, the user can email a report to the vendor to request a copy of the missing document and update the supplier with status information for the rest of the statement lines. A user can also add notes against the missing line (blue icon) to log the fact a copy has been requested and the note will be visible if the credit note is still missing on next months statement.

Click on the images below to view enlarged versions of the reconciliation screen and supplier audit report in a new window.

Reconciliation Process Results Screenshot               Reconciliation Process Audit Report

If you would like to see a live demonstration of all reconciliation processing features then please use the Book a Live Demo button below. If you would like to know more detail about the end-to-end solution then please use the links below to learn more.