Practical guide

A simple checklist for supplier reconciliations

The records and checks that help identify differences in supplier accounts.

Use the same period

Compare the supplier statement with your own records as at the same date. A statement date and a report date that differ can create apparent discrepancies.

Match the individual items

Check invoice numbers, amounts, credit notes and payments. Watch for duplicates, missing documents and payments allocated to the wrong invoice.

Keep timing differences visible

A payment made near the statement date may not yet appear in the supplier’s records. Record the difference and gather the relevant supporting information.

Raise unresolved differences

Ask for missing invoices or credit notes, and confirm discrepancies with the relevant person. Don’t change records simply to make a balance match.

General organisational guidance. The work and records needed will depend on your individual circumstances.