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Statement Reconciliations

What It Is

  • Vendor self-service tool that allows suppliers to reconcile their aged accounts receivable against their open, in process and paid invoices
  • Can be run by your staff, the supplier or both
  • Saves time by freeing up your staff from tedious, labor-intensive procedures

How It Works

  • Suppliers’ invoice information is downloaded securely to InvoiceInfo
  • Supplier or your staff uploads supplier statement
  • InvoiceInfo automatically reconciles the supplier’s statement against their invoices
  • Supplier and/or your staff receives report of what matches, doesn’t match and exceptions

Benefits

  • Frees up staff time
  • Identifies potential duplicates and untaken credits
  • Provides suppliers timely information

Frequently asked questions

What is supplier statement reconciliation?

Supplier statement reconciliation compares a vendor's statement of account (their aged receivables) against your open, in-process and paid invoices to find what matches, what doesn't and the exceptions, including potential duplicates and untaken credits.

How does automated statement reconciliation work?

Your invoice data is loaded securely into the system, the supplier or your staff uploads the supplier's statement, and the software automatically matches each line. You get a report of what matches, what does not and what needs attention, with no line-by-line manual comparison.

Who runs the reconciliation, the supplier or AP?

Either or both. Suppliers can reconcile their own statements through the self-service portal, and AP staff can run the same reconciliation internally, so reconciliations stop being a recurring email exchange.

What problems does statement reconciliation catch?

It identifies potential duplicate invoices and credits you have not yet taken, and shows exactly where your records and the supplier's differ. Finding duplicates and untaken credits before payment has a direct cash impact.