Automated Supplier Reconciliation and reporting. Supplier statements get uploaded into Dext/Hubdoc. By means of the OCR scanning, all the information is extracted from the supplier statement including all outstanding invoices and credit notes reflecting on the statement, account terms and the total amount outstanding. This information feeds into Xero. Xero then matches the statement information, invoices and credit notes against the bills and credit notes in the supplier account. A report that can be populated is created reflecting the supplier statement balance for the period selected as well as the balance of the supplier account in the xero supplier account. If there is a difference between the two balances, reconciling items then appear on this report in response to the information that was extracted from the statement and compared to what is in the supplier account in Xero. A section on the recon reflects Transactions on statement not in ledger and another section reflects Transactions in ledger not in statement. The information between these two sections would then show the Reconciliation at the end is in Balance. Once the recon is in balance it is easy to determine if there are any transactions missing. This completed recon can then be submitted for approval by the manager. Approved recons can then be moved to a 'Pay Bills' tab. Along with this reconciliation report, a remittance advice can then be created by selecting the invoices that are going to be paid. This remittance advice can then be submitted for approval and once approved moves to 'Ready for payment' tab. The approved remittance advice can also be emailed to the supplier for easy allocation of payment. Also the balance of the remittance advice that has been loaded on the bank for payment also feeds through to the bank recon and once the payment is reflecting in the bank, the bank recon will recognize the remittance balance against the payment that was made and the amount can then simply be reconciled without having to manually go and select the invoices relating to the payment. This process would save an enormous amount of time for businesses because, from personal experience, all businesses that have suppliers accounts, create manual recons on a monthly basis on Excel. The remittance feature would also be very helpful because often the person responsible for the suppliers does not also work with the bank recon, which means that when there is a payment on the bank that has multiple invoices, the person doing the recon then has to have all the supplier recons on hand so as to allocate the payments to the correct invoices. By having the remittance feature pull through to the Bank recon would not only save time but also eliminate any misallocations and prevent human error
Jean-Marie Meyer
supported this idea
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Automated Supplier Reconciliation and reporting. Supplier statements get uploaded into Dext/Hubdoc. By means of the OCR scanning, all the information is extracted from the supplier statement including all outstanding invoices and credit notes reflecting on the statement, account terms and the total amount outstanding. This information feeds into Xero. Xero then matches the statement information, invoices and credit notes against the bills and credit notes in the supplier account. A report that can be populated is created reflecting the supplier statement balance for the period selected as well as the balance of the supplier account in the xero supplier account. If there is a difference between the two balances, reconciling items then appear on this report in response to the information that was extracted from the statement and compared to what is in the supplier account in Xero. A section on the recon reflects Transactions on statement not in ledger and another section reflects Transactions in ledger not in statement. The information between these two sections would then show the Reconciliation at the end is in Balance. Once the recon is in balance it is easy to determine if there are any transactions missing. This completed recon can then be submitted for approval by the manager. Approved recons can then be moved to a 'Pay Bills' tab. Along with this reconciliation report, a remittance advice can then be created by selecting the invoices that are going to be paid. This remittance advice can then be submitted for approval and once approved moves to 'Ready for payment' tab. The approved remittance advice can also be emailed to the supplier for easy allocation of payment. Also the balance of the remittance advice that has been loaded on the bank for payment also feeds through to the bank recon and once the payment is reflecting in the bank, the bank recon will recognize the remittance balance against the payment that was made and the amount can then simply be reconciled without having to manually go and select the invoices relating to the payment. This process would save an enormous amount of time for businesses because, from personal experience, all businesses that have suppliers accounts, create manual recons on a monthly basis on Excel. The remittance feature would also be very helpful because often the person responsible for the suppliers does not also work with the bank recon, which means that when there is a payment on the bank that has multiple invoices, the person doing the recon then has to have all the supplier recons on hand so as to allocate the payments to the correct invoices. By having the remittance feature pull through to the Bank recon would not only save time but also eliminate any misallocations and prevent human error