Reconciling supplier accounts in Exacc ensures your accounts payable records match suppliers' own records by comparing your outstanding bill balances with supplier statements. Regular reconciliation identifies discrepancies including missing invoices, unrecorded payments, pricing disputes, or timing differences, enabling prompt resolution and maintaining accurate financial records and positive supplier relationships.
The reconciliation process involves obtaining current supplier statements, comparing outstanding invoices listed on statements with unpaid bills in your system, investigating variances or unmatched items, making necessary adjustments for legitimate differences, and documenting the reconciliation outcome. Regular supplier reconciliation prevents payment errors, resolves disputes early, and ensures financial statement accuracy.
This guide walks you through accessing supplier accounts for reconciliation, obtaining and reviewing supplier statements, comparing outstanding bills between both records, investigating discrepancies and timing differences, resolving variances through adjustments or corrections, and confirming reconciliation completion with proper documentation.
Whether you are performing monthly supplier reconciliations as part of financial close, resolving disputed invoices, investigating payment discrepancies, preparing for supplier audits, maintaining accurate payables balances for financial reporting, or ensuring good supplier relations through accurate record-keeping, understanding supplier account reconciliation ensures financial integrity and prevents costly errors or relationship issues.
Follow these steps to reconcile supplier accounts effectively in Exacc
Your supplier account reconciliation is complete in Exacc. Accounts payable balances now accurately reflect agreed outstanding obligations, discrepancies have been resolved, and you maintain accurate financial records and strong supplier relationships through regular reconciliation practices.