Reconciliation with suppliers

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To assess how correctly accounts receivable and payable are reflected in the overall accounts, companies reconcile payments with counterparties. The results of this procedure are recorded in the form of an account reconciliation report. This report is prepared by the accounting department in order to reconcile payments between the parties, which can be both companies and individual entrepreneurs. The report is drawn up for a certain period such as a quarter or a month.

If, during reconciliation, it turns out that accounts payable to the supplier are not reflected in the overall accounts, or other errors have been made, this should be corrected immediately. Most often, errors arise due to incomplete operational and financial reports: statements and invoices. Conversely, it can happen that the accounts payable of a counterparty are not reflected in its accounts. In such cases, a duplicate shipping document is sent to the buyer.

Reconciliation statements are used by both parties. They are required to make internal payments and without them it is impossible to resolve disputes and litigation. And such disputes can occur if a debt or discrepancy arises. The VALEN team will perform reconciliation with suppliers. We guarantee the quality of our work and confidentiality of commercial data.