This checklist ensures that all vendor payments are accurately reconciled with the records, preventing payment discrepancies and maintaining good vendor relationships.
Collect all vendor invoices received during the payment period for reconciliation.
Cross-check the amounts on the invoices against the procurement records to ensure accuracy.
Review the payment terms agreed upon with each vendor to confirm that payments are aligned with the terms.
Ensure that all payments made match the corresponding invoices to avoid double payments or missed payments.
Document any discrepancies found during the reconciliation process for further investigation.
Work with vendors and internal departments to resolve any identified discrepancies before finalizing the reconciliation.
Ensure that vendor payment records are updated accurately to reflect resolved discrepancies and payments made.
Compile a report summarizing the reconciliation process, discrepancies found, and resolutions for audit purposes.
Submit the reconciliation report for review and approval by the finance manager or designated authority.
Organize and file all documentation related to the vendor payment reconciliation process for record-keeping.