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Payment Reconciliation

This process involves comparing and matching incoming payments with corresponding invoices or accounts receivable entries in the company's financial records. The goal is to ensure that all payments are accurately recorded and applied, identifying and resolving any discrepancies promptly. Effective payment reconciliation is crucial for maintaining accurate financial statements and supporting cash flow management.

Related terms

Invoice Approval Workflow
An invoice approval workflow is a structured process that governs the review, verification, and approval of invoices within an organization before they are paid.
Invoice Automation
Invoice automation, also known as accounts payable (AP) automation or invoice processing automation, refers to the use of technology to streamline and optimize the process of handling invoices within an organization.
Invoice Processing
Invoice processing is the entire workflow a business follows to manage incoming invoices from suppliers or vendors, all the way from receiving them to paying them. It's essentially how companies ensure they're paying the right amount, to the right vendor, at the right time.
Invoice Scanning
Invoice scanning is the process of using technology, typically optical character recognition (OCR) software, to convert printed or handwritten invoices into digital format.
Invoicing
Invoicing is the process of formally requesting payment for goods sold or services rendered.
Journal Entry Import Template
A journal entry import template is a structured format or file used to input financial transactions into an accounting system in bulk.