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 ERP system(s). Statement-Matching reconciles statements by company and vendor using the invoice date, invoice number, invoice amount and currency fields.
Matching logic is also customizable, so you can set your own rules that apply globally or at the individual vendor level. The statement reconciliation process also works cross-company if you have vendors that invoice multiple legal entities, but send you consolidated statements. Matching also works cross-vendor if you have multiple vendor accounts on your ERP system for the same vendor.
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.
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. If a vendor has a Fully Matched statement then any Goods Receipts that have not been invoiced with posting date before date of last invoice can be cleared to improve P&L.
Every line on the statement is matched to a posting on your ledger, but some of the lines have data discrepancies eg. Invoice Number, date or amount are different. These errors are important to resolve to reduce risk of duplicates being missed, suppliers being paid incorrectly, resulting in extra work resolving the issue after the fact.
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 in the statement even though they are dated prior to the statement. These errors are important because they could be an incorrect posting on the vendor’s account or a duplicate.
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. Automatically send reports to suppliers to request missing documents.
If you would like to see a live demonstration of all managing exceptions 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 about the solution.
Book a live demo to see the end-to-end processes on live customers systems and learn how easy it is to try this for free on a Proof of Concept.