Account Payables and Supplier Invoices Reconciliation

by ReconArt, Inc. | Best Practice

The Supplier submits a list of transactions and the outstanding balance of unpaid invoices for a given period. The Buyer’s Accounts Payable (AP) department, on the other hand, compares those records to the internal AP ledger to identify any differences. Those might be invoices or credit notes on the Supplier statement that are absent in the AP ledger or vice versa. The comparison between the two data sets is made both at transactional and balance check points. Sounds simple, but…

About ReconArt, Inc.

Since 2011, ReconArt drives innovation in the recon space and helps a global client base establish robust, flexible and scalable data reconciliation processes. Our software solution leverages best practice and technology in line with the digital transformation trends in finance & accounting. Our reconciliation tool is a fully configurable SaaS solution which originates from its powerful matching engine. It matches automatically your data by your predefined rules applying your unique business logic. The solution adapts to your growth curve and can accommodate very large and constantly increasing transaction volumes without compromising performance. Data quality and integrity are guaranteed through the normalization and enrichment functionality. Oriented towards the self-sufficient business user, ReconArt is a best practice product which means implementing client feedback, staying up-to-date with technology and regulatory developments, and constant reinvestment in improvements without additional cost. We offer flexible deployment options and excellent on-going support. With ReconArt you can count on clear and predictable cost of ownership and attractive ROI. Find out more: https://www.reconart.com/
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