Key Steps in Invoice Reconciliation

Invoice reconciliation is the process of verifying and matching supplier invoices with internal records such as purchase orders and receiving reports to ensure accuracy and prevent errors or fraud. Here’s a brief summary:

Key Steps in Invoice Reconciliation:

Before beginning the reconciliation process, gather all invoices, purchase orders (POs), and receipts related to the period you're reconciling. This will include both the supplier invoices and the corresponding records in your accounting software or ledger. It's important to ensure that you have a complete and organized set of documents before moving on to the next step.

1. Collect documents: Gather purchase orders, receiving reports, and supplier invoices.
2. Verify details: Compare the invoice details (item names, quantities, prices, taxes) with purchase orders and receiving reports.
3. Check prices and quantities: Ensure the prices and quantities on the invoice match those on the purchase order and that the items have been received.
4. Resolve discrepancies: Note any differences and communicate with the supplier to resolve issues.
5. Approve and pay: Once verified, approve the invoice for payment.

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