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 a supplier statement reconciliation?
A supplier statement reconciliation matches a vendor’s statement of account against your open, in-process and paid invoices to find what matches, what doesn’t and the exceptions, including potential duplicates and untaken credits, so both sides agree on what is owed.
How does InvoiceInfo reconcile vendor statements automatically?
Your invoice data is loaded securely into InvoiceInfo, the supplier or your staff uploads the supplier’s statement, and InvoiceInfo matches every line automatically. The result is a report of matches, non-matches and exceptions, so no one has to compare the statement line by line.
Can suppliers reconcile their own statements?
Yes. Suppliers can run the reconciliation themselves in the portal and see which invoices are open, in process or paid. AP can also run it internally.
Is statement reconciliation the same as invoice reconciliation?
They are related. Invoice reconciliation checks an individual invoice against its purchase order and receipt before payment. Statement reconciliation checks the vendor’s whole account against your records after the fact, catching anything missed, duplicated or unapplied.