Reconciliation Process

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). Statement-Matching.com 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.

Statement-Matching.com 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:

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  • Fully Matched – Every line on the statement is matched perfectly to a posting on your ledger and there are no invoices on your ledger dated prior to the statement date.
  • Fully Matched with Data Mismatches – Every line on the statement is matched to a posting on your ledger, but some of the lines have data discrepancies eg. Invoice Number, Invoice Date or Invoice Amount are different. These errors are important because standard duplicate checks in most ERP systems only flag exact duplicates, so these data errors are potential duplicate risks and Invoice Amount differences could also be an over-payment waiting to happen.
  • Un-paid Items Missing on Statement – Every line on the statement is matched to a posting on your ledger, but there are un-paid invoices on your ledger that are not quoted on the statement even though they are dated prior to the statement. These errors are important because it could be an incorrect posting on the vendors account or a duplicate.
  • Incomplete Matching – Some of the lines on the statement cannot be matched to a posting on your ledger, so these are missing credits or missing invoices or both. These errors are typically the highest priority for Accounts Payable to ensure no credits are missed and supplier liabilities are accurate.

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.

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[button color=”Red” size=”small” link=” https://statementmatching.com/how-it-works/uploading-supplier-statements/”]Uploading Statements[/button] [button color=”Red” size=”small” link=” https://statementmatching.com/how-it-works/managing-exceptions/”]Managing Exceptions[/button] [button color=”Red” size=”small” link=” https://statementmatching.com/how-it-works/reporting/”]Reporting[/button] [button color=”Red” size=”small” link=” https://statementmatching.com/how-it-works/supplier-self-service/”]Supplier Self-Service[/button]
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[highlightbox title=”Are you ready to see a live demonstration at your convenience via webex?” button_text=”Book a Live Demo” button_url= https://www.statementmatching.com/demo/ button_blank=”” button_color=”myRed”]Allow 45 minutes for the live demo and we’ll also tell you about the free proof of concept and pricing.
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