Vendor statement reconciliation
Comparing the vendor's statement to your AP records.
Definition
Vendor statement reconciliation is the process of comparing a supplier's statement of account against your own AP records to find invoices you have not recorded, payments the vendor has not applied, and unclaimed credit notes.
Why it matters
It is one of the most reliable ways to find unclaimed credits and missing invoices, but done manually it is slow, so most companies only reconcile their largest vendors.
How SpanFin helps
SpanFin's credit/refund mismatch control automates part of this work: it flags refunds with no matching credit note and credit notes with no matching refund, so unclaimed value surfaces without a line-by-line manual review.
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