{"id":3719,"date":"2023-05-03T22:19:29","date_gmt":"2023-05-04T03:19:29","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=3719"},"modified":"2024-07-04T12:18:30","modified_gmt":"2024-07-04T17:18:30","slug":"invoice-reconciliation","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/accounting\/invoice-reconciliation","title":{"rendered":"What is Invoice Reconciliation? Definition and Instructions"},"content":{"rendered":"\n<p>Invoice reconciliation is a vital process for businesses of all sizes, in all industries. If you\u2019ve partnered with a vendor who supplies products or services you use for your business, reconciling invoices the right way can protect your bottom line, helping you catch billing errors and fraud quickly and efficiently. Here\u2019s what invoice reconciliation means, and how you can implement the process to protect your business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_invoice_reconciliation\"><\/span><strong>What is invoice reconciliation?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Invoice reconciliation is one of the most important things you can do to protect your business and its profitability. It refers to the process of matching transactions you or your team have entered into accounting software against an <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/what-is-an-invoice\">invoice<\/a> you receive from the vendor who supplied the products or services.<\/p>\n\n\n\n<p>During invoice reconciliation, you\u2019ll check to ensure numbers match. Through reconciliation, you can prevent your business from paying for goods it didn\u2019t receive, or for overpaying for the ones it did. The two primary purposes for invoice reconciliation are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Catching billing errors:<\/strong> Vendors make mistakes just like anybody else does\u2014after all, no one is perfect. A vendor can mistakenly charge you the wrong price for a product or service, double charge you, misapply a payment you\u2019ve made, bill you for items you never received, and more. Even minor billing errors can add up over time. By regularly reconciling your invoices, you can catch errors and address them quickly, before they hit your bottom line hard.<\/li>\n\n\n\n<li><strong>Catching fraud:<\/strong> Employee fraud can be a problem regardless of what type of business you run. If safeguards aren\u2019t in place and executives aren\u2019t vigilant, fraud can go on for years, costing businesses dearly. Reconciling vendor invoices is just one important internal control for your accounts payable department, helping you uncover fraud quickly.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_reconcile_invoices\"><\/span><strong>How to reconcile invoices<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Invoice reconciliation only works as it should if proper checks and balances are in place. The process works best when the same employee is not involved in more than one stage of the process.<\/p>\n\n\n\n<p>In small businesses, this isn\u2019t always possible, so you must provide \u201cinterruptions\u201d in the reconciliation process. These interruptions prevent one employee from exploiting any weaknesses in the system for their own gain. Small businesses can also benefit from partnering with a third-party bookkeeper or accountant to maintain checks and balances.<\/p>\n\n\n\n<p>Follow these steps to reconcile invoices the right way:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_1_When_the_order_arrives_compare_what_you_receive_to_the_packing_list\"><\/span><strong>Step 1: When the order arrives, compare what you receive to the packing list<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Open and inspect orders as soon as possible after they arrive, and look for a packing list. The list should include the description and quantity of each item, and it can sometimes include prices. You should mark off each item you\u2019ve received on the packing list, ensuring no items included on it weren\u2019t shipped, or that you received items that weren\u2019t on the list.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_2_When_the_invoice_arrives_compare_it_to_the_purchase_order\"><\/span><strong>Step 2: When the invoice arrives, compare it to the purchase order<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Invoices typically arrive after orders. Sometimes, though, they can arrive beforehand, so you should always instruct your accounts payable team to hold off on paying an invoice until the order has arrived and has been checked. The only exception is if the vendor requires prepayment.<\/p>\n\n\n\n<p>A business\u2019s accounts payable clerk compares the purchase order to the invoice, ensuring the quantities on the on the invoice are what was actually received. If any discrepancies arose when the order arrived\u2014like incorrect quantities or missing items\u2014they should be accounted for on the invoice.<\/p>\n\n\n\n<p>The accounts payable clerk will also confirm that the amounts charged on the invoice match the amounts on the purchase order. Any discrepancies can trigger the following events, depending on your agreement with your vendor:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The accounts payable clerk notifies the vendor of pricing discrepancies, requesting an updated invoice that reflects the agreed-upon pricing.<\/li>\n\n\n\n<li>The accounts payable clerk notifies any employees in your business in charge of pricing that there\u2019s been a change in an item\u2019s price. The inventory management team can update their systems to reflect the new cost of the item.<\/li>\n<\/ol>\n\n\n\n<p>If the invoice checks out with the purchase order, the accounts payable clerk marks it ready for payment in your accounting system. Things are a little different if the invoice is for a service. In that case, the accounts payable clerk will ensure the service was delivered as promised before issuing payment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_3_When_the_vendor_statement_arrives_compare_amounts\"><\/span><strong>Step 3: When the vendor statement arrives, compare amounts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Many businesses find it\u2019s easy to pay vendors through statements, rather than paying each individual invoice. This is often the case for businesses that make several purchases from a single vendor over the course of a month, or when you\u2019ve agreed to extended payment terms with a vendor.<\/p>\n\n\n\n<p>Accounts payable clerks or supervisors should follow these steps when vendor statements arrive:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Compare the total amount of the statement to the total amount listed in your accounting records. Reconciliation is complete if the amounts match\u2014just make sure to quickly check that invoice numbers on the statement match the open invoices in your records. If the amounts don\u2019t match, move on to step two.<\/li>\n\n\n\n<li>If the statement amount doesn\u2019t match your records, determine whether you\u2019re dealing with a timing issue by comparing the statement date to the dates of your invoices. Consider payments you\u2019ve made after the statement date\u2014or those that haven\u2019t reached your vendor yet\u2014to reconcile the amount shown and the amount your accounting system reports.<\/li>\n\n\n\n<li>If discrepancies remain, check for interest charges for prior amounts due. If this conforms to the agreement you have with your vendor, add those interest charges into the figure you have in your accounting records.<\/li>\n<\/ol>\n\n\n\n<p>If invoice reconciliation matches the vendor\u2019s statement to the total amount due, payment can be released to the vendor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pay_vendors_effortlessly_with_North_One_Invoice_Payments\"><\/span><strong>Pay vendors effortlessly with North One Invoice Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Invoice reconciliation is a necessary step that safeguards the finances of businesses large and small. When it comes time to make a payment, choose a digital banking solution that\u2019s easy to use and sends funds at the touch of a button. <\/p>\n\n\n\n<p>With North One Invoice Payments, you can make effortless invoice submissions by uploading or forwarding unpaid invoices to North One via email and we&#8217;ll take care of the rest. You&#8217;ll save hours a week and hundreds of dollars in bookkeeping fees with precise payments paid on the invoice&#8217;s due date. <\/p>\n\n\n\n<p>Plus, you can see all of your upcoming and completed invoice payments in one place, making it easy to stay organized and on top of your finances.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Invoice reconciliation is a vital process for businesses of all sizes, in all industries. If you\u2019ve partnered with a vendor who supplies products or services you use for your business,&#8230;<\/p>\n","protected":false},"author":4,"featured_media":3720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[155],"tags":[],"class_list":["post-3719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Invoice Reconciliation? 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