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¶ Introduction
Vendor reconciliation is the process of comparing a company's internal financial records against a vendor's statement to ensure accuracy and resolve discrepancies. This involves matching purchase orders, invoices, and payment records to the vendor's statement to verify that the amounts and transactions are correct. Effective vendor reconciliation helps prevent overpayments, detects errors or fraud, improves cash flow management, and fosters stronger, more transparent relationships with vendors.
Below is a diagram that illustrates the processes discussed in the section below:
The Vendor collaboration module is targeted at vendors who don't have electronic data interchange (EDI) integration with Microsoft Dynamics 365 Supply Chain Management. It lets vendors work with purchase orders (POs), invoices, consignment inventory information, and requests for quotation (RFQs), and lets them access parts of their vendor master data. This document explains how you can collaborate with external vendors who use the vendor collaboration interface to work with POs and RFQs.
By using the Axnosis VSS mobile app, people can regsiter themselves as new prospective vendors.
¶ Navigation
¶ Daily use
¶ Step 1: Create a new vendor recon
Go to: Accounts payable > Payments > Vendor reconciliation
- Click on New vendor recon in the action pane
- Enter details of the vendor account that needs to be reconciled on the dialog, the amount will show in the Payment amount field
- Select the Vendor account from the dropdown list
- Enter the Payment date
- Enter the Statement amount
- Enter the Statement date
- Click OK
- This will open the details page
- If you click on the Navigation Pane it will show all open vendor recons to switch between them to view contents of other accounts
- Expand the Vendor recon overview under the Fast Tab
- It will show a "0" under the discrepancy amount, which means the total on the statement will be settled
- If there was a discrepancy (an amount outstanding not showing on the statement) a line can be added by expanding the Worksheet Fast Tab and clicking on the New button under the Unallocated payments
- The posted transactions will show under Posted vendor transactions on the right
- Select the transactions for payment
- The amount can be edited for a partial payment
- A pre-payment can be done by adding a line selecting New under Source documents not reflecting on statement
- Select Reconcile on the Action Pane
- A notification will appear notifying the user that the reconciliation was successful and workflow has been enabled for approval
- The recon can be printed by selecting the Print button on the Action Pane
- All transactions payable will show on the printed document as well as who the Preparer and Approver was
Insert pic showing the preparer and approver
Go back to: Accounts payable > Payments > Vendor reconciliation
- Refresh the page
- The reconciled account will be indicated by a little yellow icon
- Select Workflow on the Action Pane to get approval
OR
There is a different way of creating a vendor recon
Go to: Accounts payable > Payments > Vendor reconciliation
- Select the vendor account. If there are multiple accounts, it can be done simultaneously by selecting all the vendor accounts
- Select Vendor recon proposals on the Action Pane
- The dialog box will open
- Fill in the payment date and statement date
- Change the slider to Yes on the Exclude Debit balance
- Change the slider to Yes on the Exclude Zero balance
- Filters are available for vendors and currency
- Select Submit
- A list will appear with all vendors with due payments
- By selecting a specific vendor account, a list of all invoices captured will appear on the right
- Select OK
- A warning will appear under the Action Centre when a vendor recon has already been created to avoid duplicate payments
- It also indicate the successful vendor recon created
- Refresh the page
- Select Reconcile on the Action Pane
- A blue notification will appear on the top of the page notifying the user that the reconciliation was successful and workflow has been enabled for approval
- Select Workflow in the Action Pane and submit for approval
- Once a request has been approved, the yellow marker is now replaced with a black icon
- Select the Generate payment journal on the Action pane which will become available once the request has been approved
- Multiple vendors can be selected for processing
- A blue notification will appear on the top of the page confirming that the vendor payment journal has been created successfully
- Scroll to the right. A link to the payment journal will appear under Payment reference
- The journal line with all detail will open by clicking on the payment journal link
- Submit to Workflow for approval
- Select the Generate Payments button on the Action Pane which will become available once the payment journal has been approved
- A Generate payments dialog box will open where the payment method is selected
- Select OK
- An Electronic report parameters dialog box will open where the Processing date is selected
- Select OK
- The payment file will be generated and sit under the Downloads folder
- The payment file needs to be imported into the banking platform
- The status shows Sent which means that the transactions have not been paid yet
- Select Post on the Action Pane
¶ Step 2.1: Accounts Payable Parameters
¶ Step 2.1.1: Accounts Payable Parameters
¶ Reporting
To print a Vendor Payment report
Go to: Accounts payable > Inquiries and reports > Payment > Vendor payment report
