Reconciliation
Your bank, supplier and credit card statements are compared line by line with the entries in your accounting system. Matching lines are ticked off for you, and only the differences are left for your team.
What it covers
Bank lines matched to receipts, payments and transfers in your books.
Each supplier's statement compared with your payables ledger, so missing invoices and payments are found early.
Card transactions matched to receipts and claims, with missing receipts flagged.
Before and after
Someone ticks off each statement line against the ledger in Excel at month end, and chases missing documents by hand.
Most lines are matched for you. Your team only works on the items that do not match.
Step by step
- 01Statement comes in
Bank e-statements, supplier statements or card statements, by email or upload.
- 02Lines are read
The date, amount, reference and description of each line are pulled out.
- 03Matched to your books
Lines are matched to receipts, payments, invoices and claims in your accounting system.
- 04Differences listed
Unmatched items and missing receipts are listed for your team, and a log is kept for month end.
Other use case