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Customer / Vendor Reconciliation

Keep your Creditors close, but your Debtors closer

Customer / Vendor Reconciliation

A Business cannot run without credit sales as it establishes a good rapport between the business owners and its clients. Likewise, a business can’t always function without asking for credit either, while procuring what it needs from its vendors. Reconciliation between either sides is very important to maintain material accuracy, facilitating internal auditors, avoiding disruption in future supplies & avoiding over-payment.

 Customer Reconciliation

  • Gather Invoices
  • Inspect Line Items
  • Check Mark Matched Items
  • Highlight Inconsistencies
  • Compare Totals

Vendor Reconciliation

  • Agree Opening Balance
  • Agree Periods Entries
  • Allocate Credit Notes and Payments
  • Differences – Timings, Omissions, Errors

About this Process

Vendor reconciliations compare the balance owed on supplier provided statements to transactions within the payable ledger and its overall balance while, Customer reconciliations are performed by businesses which offer to their customers.

The ability to achieve error-free records as well as enhanced customer and vendor relationships is key to the financial management in any business. When your accounts are consistent and reconciled, there is an enhanced decision making process. The precise data and business analytics that an organization gets on timely and regularized customer and vendor reconciliation helps in risk management and internal financial controls. Our team of experts undertake periodical reviews, manage your accounts and complete all the tasks with supporting financial reports and documents. 

With Ledger Bench, you can be assured of proper financial controls and consistency at the right places. We make sure that your business can avoid undue payments, unjust charges, unexpected cash blockage. 

With consistent and complete balance sheets, you can draw dependable financials, achievable future forecasts and actionable statements.

F.A.Q.

Have a question? Or simply want to talk to us about how we can help your business? We are just a click away.
Do You Have a Dispute Resolution Process?
Yes, we have a clear dispute resolution logistic in place. This helps us to act proactively on any discrepancy and also in the betterment of customer relations.
How Often Do You Undertake The Reconciliation Process?
We ideally reconcile your customer and vendor records and billings every 15 days. And have a thorough analysis at the end of each billing period to maintain up-to-date records and accuracy.
Will You be Able to Discover Unjustified Entries?
Yes, we know how important it is to reconcile your accounts diligently and regularly to highlight potential errors, and frauds. Our team looks at yours and your vendor’s records closely to point out any discrepancies.

Related Services

Financial Preparations

Accounts Receivables

Accounts Payable

A business cannot run without credit sales as it establishes a good rapport between the business owners and its clients. Likewise, a business cannot always function without asking for credit either, while procuring good and services from its vendors. Reconciliation between either sides is integral to maintain accuracy, healthy customer/ vendor relations and avoiding over/under payment. 

At Ledger Bench, we understand that businesses cannot sustain as a single entity. There is a large customer base and several vendor relationships to sustain. Therefore, it is difficult to establish control if accounts are not properly reconciled and balanced at regular intervals. We take the tasks of reconciling your customer and vendor reconciliation hand in hand with improved business relations. 

Our customer and vendor reconciliation services include: 

Customer Reconciliation:

  Our Team Gathers the Invoices.

  We Inspect the Line Items.

  We Inspect and Approve the Matched Items.

  Any Inconsistencies in the Records of Your Balance Sheets with Your Customer’s Records are Highlighted Promptly.

    We Additionally Compare the Eventual Totals as Well.

  Our Timely and Regularized Reconciliation Activities Ensure Complete Accuracy and Balanced Records. 

Vendor Reconciliation:

    Agree Opening Balance

    Agree Period Entries

    Our Team Allocated Required Credit Notes and Payments.

    We Highlight any Discrepancies of Dates, Errors, Missing Records and Funds.

  Regular Reconciling Helps in Cash Flow and Fund Flow Management as Well as Dependable Forecasting and Budgeting, etc.