Auto-Reconciliation for Supplier Statements

The Auto-reconciliation Process for Supplier Statements.

Overview

The auto-reconciliation feature for supplier statements allows you to efficiently match invoices to statements, ensuring accurate and up-to-date records for your suppliers' balances owing and assisting with paying your suppliers promptly.

Auto-Reconciliation Process

The auto-reconciliation process matches supplier invoices to the supplier statement based on the invoice number and total invoice amount. The process creates a task that runs in the background for the selected statements. In this guide for reconciling a supplier statement, we’ll use an example of Chaffinch Suppliers Ltd. However, note that you can select statements for multiple suppliers at once to run the auto-reconcile process.

Reconciling multiple statements

• In the Invoices Automation > Statement screen, search for statements by month-end date, payable account, or statement status. Statements that have not yet been processed will show a status of No status.
• Select the Statements you want to process from the search grid by ticking the select box on the left hand side for the statement line you want to process.
• Click Auto-reconcile selected statements at the top right of the screen.

Reconcile a single statement

If you want to reconcile a specific statement, you can click that statement, then you can click into a selected statement to do this. Here in the Invoice List tab you can see all invoices that are waiting to be reconciled. You can see the status of the invoice on this tab. Invoices can be reconciled at any invoice status, However, the Statement itself will not be marked as Reconciled until the invoices have been checked, approved and batched.

• Tick the invoices that you want to reconcile to this statement in the Assign column to assign it to this statement. This allows you to reconcile an invoice that may be outside the date range you have selected.
• Now, click Auto reconcile in the centre of the screen. 

• This takes you to the Confirm window. Click Yes to continue.

In the Auto Reconciliation tab, you can check the details of each Invoice number and amount that has been imported via the Invoice Automation process, and these details that have been captured by the reconciliation process. 

View results

Whether you have reconciled multiple or individual statements, you can view the results once the task has successfully completed.

On the Statement list screen, the statement status will show as:

• Unbalanced with a Red Question mark if not all items have been matched.
• Reconciled with a Green tick if all items have been matched successfully
• No status if the statement has not been reconciled. 

Go into any statement where you can see the Statement Opening Balance, Payments, Invoice total and Closing balance. These details assist you to check any potential issues that you may need to investigate.

 

In the screen for any statement, you can check in the Auto-Reconciliation tab where the invoices will be marked to show if they have been successfully matched to the statement or not.

Also in this tab you can check the details of each Invoice number and amount that was imported, and compare these details to the data that has been captured by the reconciliation process.

• The Green tick against an invoice indicates a full match of invoice number and amount.

 

If there is a mismatch between the invoice and the statement, which may have been caused by the invoice number or amount not matching, or an invoice that appears on the statement when it has not yet been imported to Lentune, you can see this as a different marker in the Result column.

An Orange Page icon indicates that the invoice number or amount does not match between the invoice and the statement.

A Red cross indicates that the invoice has not yet been imported to Lentune.

 

 

If there are any invoices on the statement that are not yet in your Lentune system or do not match the statement, the statement status on the previous screen will be shown as Unbalanced.

The statement status will be updated to Reconciled when the statement has been reconciled and all invoices have been matched and the invoices have been checked, approved and batched.

Unreconcile

If necessary, you can Unreconcile a statement, perhaps you have reconciled an incorrect invoice by mistake. Then you can re-reconcile the correct items.

The Auto-reconciliation process allows fast and efficient matching of your invoices and statements to ensure up-to-date management of your payable accounts.

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Last updated: 13 June 2024