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In a business that has a lot of inventory, there will be a number of vendors that you purchase products from. Keeping the payments associated with the correct invoices can sometimes seem like a full time job since statements from the vendors show different payments to different invoices than what you originally thought. So, how do you clean up the records? First and foremost is important to understand that no matter how your company has applied the payment, the vendor is always right.   As a result, you will want to correct the payments that were applied to the wrong invoices.  Some steps to help you with this are as follows:

  1. Call vendor before you decide to reconcile your accounts payable vendors and ask for their most current statement.
  2. Take all copies of invoices with payments you made with the dates shown on the vendor statement and check them against the invoice payments the vendor show. Check all of these payments off with the vendor statement, and correct/adjust payments to apply to the right invoices.
  3. Once everything matches AND the vendor balance is exactlty the same as the vendor statement shows, you have reconciled the account.

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