Vendor Payment Reconciliation Checklist ( FINANCE )

This checklist ensures that all vendor payments are accurately reconciled with the records, preventing payment discrepancies and maintaining good vendor relationships.

• Gather Vendor Invoices

  Collect all vendor invoices received during the payment period for reconciliation.

• Verify Invoice Amounts

  Cross-check the amounts on the invoices against the procurement records to ensure accuracy.

• Check Payment Terms

  Review the payment terms agreed upon with each vendor to confirm that payments are aligned with the terms.

• Match Payments to Invoices

  Ensure that all payments made match the corresponding invoices to avoid double payments or missed payments.

• Identify Discrepancies

  Document any discrepancies found during the reconciliation process for further investigation.

• Resolve Issues

  Work with vendors and internal departments to resolve any identified discrepancies before finalizing the reconciliation.

• Update Vendor Payment Records

  Ensure that vendor payment records are updated accurately to reflect resolved discrepancies and payments made.

• Prepare Reconciliation Report

  Compile a report summarizing the reconciliation process, discrepancies found, and resolutions for audit purposes.

• Review and Approve Report

  Submit the reconciliation report for review and approval by the finance manager or designated authority.

• File Documentation

  Organize and file all documentation related to the vendor payment reconciliation process for record-keeping.