Payment Reconciliation

Payment Reconciliation is the process of comparing bank statements and payments against your accounting to ensure the entries match each other.

The process of Payment Reconciliation involves 4 main steps:

Document Data Extraction: This is the first stage of performing payment reconciliation which is the process of retrieval of bank statements and document data.

Matching: The second stage of reconciliation is the matching process, which is essentially the process of comparing statements and diagrams at a transaction level.

Reconciliation: This is the main stage of investigating reconciling items. Any errors will be reported to companies or individuals for fixing followed by reviews and approvals.

Finalization: After all the work is checked and errors are fixed, we can then update the checking lists and entries accordingly.

Learn more about automating Payment Reconciliation.