Glossary
What is vendor statement reconciliation?
By Tim White · Last updated
Vendor statement reconciliation is the periodic check that a supplier's statement of your account, their list of what they think you owe, agrees with your own records. It surfaces invoices you never received, bills entered twice, credits that were never applied, and payments the vendor has not recorded. It is broader than matching one invoice, because it compares the whole account at a point in time.
How it differs from invoice matching
Matching checks a single invoice against its purchase order or receipt before you pay it. Reconciling a statement is the wider, periodic pass: you line up every open item against the vendor's own statement to confirm the two sides agree. One protects an individual payment, the other protects the account balance.
Where the gaps usually hide
Say the statement lists 12 invoices totaling 48,200 and your ledger has 11 totaling 46,400. The missing 1,800 is almost always a bill that arrived but was never captured. The next most common gap is a credit memo you booked as a payment. Match on invoice number and amount together, since vendors reuse numbers across years. InvoiceJet keeps verified records and flags duplicates, which makes the comparison quicker.
Common questions
How often should you reconcile vendor statements?
Monthly works for most small businesses. Higher payable volumes benefit from a weekly pass, so a mismatch surfaces while the context is still fresh.
What is the most common discrepancy?
An invoice that arrived but was never entered, so the vendor shows it as open while your ledger has no record of it.
Sources
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