Supplier Reconciliation - Status Method

Menu Items

Description

Save

Save the data.

Process Reconciliation

This will mark the entries as completed. Click on Process when everything is reconciled and the Difference with supplier balance is zero. This will transfer the reconciliation data to the Completed Reconciliation table. See Completed Reconciliations.

Print

Print the data.

Clear Filter

If you filtered the form, the clear filter will clear it.

Open Supplier

Will open the Supplier Form.

Supplier Advice Note

(Remittance Advice)

A remittance advice is a letter sent by a customer to a supplier, to inform the supplier which invoice(s) has been paid.

Print or email the advice note to the supplier.

Show Normal

Only non-reconciled entries will be displayed.  

Reconciled/Not Comp.

Show all reconciled entries that's not completed. It is good practice to click on this button when you start with a new reconciliation.

All

All entries will be displayed, completed (RComp) as well as non-completed.

Field

Initial Information supplied by you

Settlement Discount & Amount

The settlement discount % will be pulled through from the Suppliers form.

The Settlement Discount Amount will be calculated from the Amount Payable, this amount can be changed per hand if you so wish.

Make Settlement Discount Entry

An entry will be posted to your supplier reconciliation form, and marked as less discount not on statement.

The Journal entries will be as follows.

Note:

If you do not want to use the Discount from Creditors account then you can add your own account in the Account Setup. Ensure that it is linked in the Account Options > Account Defaults tab.

Supplier Statement Balance

Type in the balance as shown on the supplier statement.

Reconcile Up To This Date

Type in the date. This is usually the same as the Supplier Statement Date. The date will be different if your GRN date is not the same as the Suppliers Document date.

Supplier Statement Date

The date as shown on the Suppliers statement.

Retrieve

Click on the Retrieve button to display only entries up to the Specified Statement Date.

Columns

Description

Date

Purchase Date

Mod.

Module where the transaction came from. [GRV= Goods Received, SJ = Supplier Journal, SPAY = Supplier Payment, RTS = Return to Supplier]

Doc. No.

Internal document number. Click to retrieve the original document.

Audit No.

Click to show the journal entries.

Reference

Suppliers document reference

Debit

Debits = Payments and credits received.

Credit

Amounts you owe.

Status (Reconciliation)

For each entry, choose the relevant Reconciliation Status from the dropdown box. (See options below)

Allocation Note

Note about the allocation.

Allocation By

Employee who did the allocation.

Modify Date

Date it was modified.

RComp

Completed reconciliations. Will be checked automatically after you have processed the reconciliation.

Strict Reconciliation mode will prevent you from changing the RComp. status. You almost never need to change the status and indicates serious problems.

Reconciliation Status

Description

Reconciled

Select if the amount corresponds to the amount on the supplier statement

Less payments not credited on statement

Select if your payment does not show on the supplier statement

Pay the RTS (Return to Supplier)

Select if you do not want to deduct the RTS amount from the amount payable, thus paying the supplier

Do Not Pay the RTS

If you want to subtract the RTS amount, thus not paying the Supplier.

Less outstanding invoice

If you do not want to pay invoice

Less goods not received

If you do not want to pay invoice

Minus invoices not due know

If you do not want to pay invoice

If you do not want to pay invoice

If the entries are not applicable for this reconciliation.

Form Options and Calculations

Strict Reconciliation Mode

Strict Reconciliation mode must be on. You can prevent accidental deselecting of the checkbox by using your Security Setup.

This will help ensure the integrity of the reconciliation and prevent the printing of the advice note if the reconciliation is not correct.

If the Strict Reconciliation Mode is turned off then there is no check to ensure that the reconciliation is correct.

Mark everything as reconciled up to: "Recon Up To this Date"

Reconcile Up To This Date is the date field at the top of the form.

The reason for this button is to mark everything as reconciled (completed up to this date). You will use this button if you did not reconcile your suppliers, say for the last year or so and you want to start reconciling from now on.

Fix Small Difference < 1

If the difference is smaller than R1 then you can select the Fix Small Difference < 1 button to automatically do a journal entry for the difference.

Calculations as done by Smart-It

Reconciliation Balance (Calculated from our balance).

This is all the credit amounts for the specific period (Unreconciled (Not Due) is ignored) + Less Outstanding Invoices + Less Goods Not Received + Minus Invoices Not Due  - Do Not Pay the RTS.

Or

Recon Balance = Our Balance - Unreconciled Credits + Unreconciled Debits or Do Not Pay the RTS + all less or minus credit amounts

Amount in Dispute =

Less Outstanding Invoices + Less Goods Not Received + Minus Invoices Not Due  - Do Not Pay the RTS.

Difference with supplier balance  

Supplier Statement Balance - Recon Balance (calculated from our balance)  + Amount in Dispute.

If everything is correct the difference must be 0.

Please Note: The difference with supplier balance must be zero. If not, find and correct the fault. If the difference is smaller than R1 then you can select the Fix Small Difference < 1 button to automatically do a journal entry for the difference.

Our Balance on Statement Date

Is the sum of all credits minus all debits (completed and non-completed values).

If you want to compare the value on the grid with Our Balance on Statement Date, click the All button on the menu.

Amount Payable

Is the amount you must pay the supplier, also the amount used to calculate the Discount Amount.

= Supplier Balance - Less Payments Not Credited On Statement or Do Not Pay The RTS