You can now reconcile all the invoices in a set date range for vendors to tally the books and ensure the outstanding and paid invoices are accurate. Below is a brief guide on how to initiate a vendor reconciliation on Aerchain.
You need to first enable the vendor reconciliation for the supplier by gong to the supplier view page > Edit > Enable vendor reconciliation.
Post this > Go to Modules > Vendor Account Reconciliation
Initiating a new vendor account reconciliation request
In this listing page, you can see all the reconciliations initiated on Aerchain with their code for all the suppliers. More on that in the later part of the article, lets begin with how to initiate a new one
- Click on the +New button to the top right corner of the screen
- You will be directed with a list of details that need to be entered as explained below
- Selecting a supplier(s) or a Supplier categories > Select the one's you want to initiate reconciliation
- Please note that if you select multiple suppliers in one request, those many reconciliations will be created for each vendor.
- Please note that if you select multiple suppliers in one request, those many reconciliations will be created for each vendor.
- Select the date range in which you want to reconcile the list of invoices
- Enter the mail subject that will be sent to the supplier
- Enter any notes for supplier reference if needed
- Upload the attachments such as NOC form, etc.
- Submit the Form > This concludes the initiation of a new Vendor Account Reconciliation request
- Selecting a supplier(s) or a Supplier categories > Select the one's you want to initiate reconciliation
Doing so, the vendor will be notified via mail and in-app that a reconciliation request has been received.
Now, go to the listing page and you can see all the invoices created on the Invoice date in the selected range will be populated with their status. This same list will be shared with the vendor where they will download the excel, check and make any changes in necessary and submit the same file.
Accepting/Rejecting the vendor response to the reconciliationWhen the vendor downloads and submits the reconciliation file again on Aerchain, the system checks for any changes made in the file and displays the same on the Invoice level with a remark.
You can even download all the invoices in excel format by clicking on the download the excel button.
As per the changes if any accepting/rejecting action needs to be taken by communicating with the vendor. If rejected, you need to create a new vendor reconciliation request again after doing the necessary changes.
Listing Page statusOverall Every reconciliation request has two set of different status columns in the listing page
Status:
- Pending: The request has been released to the supplier and they have to upload their response
- Accepted: The responses submitted by the supplier have been accepted
- Rejected: The responses submitted by the supplier have been rejected
Match Status
- Matched: The response submitted by the supplier match with the reconcile request
- Unmatched: One or more invoices have a discrepancy as per supplier knowledge
- Pending: The supplier is yet to submit their response
With our reconciliation, always ensure that you and your vendor are update on the Invoice status and payments at a given point in time to avoid any month end irregularities.