Understanding Vendor Reconciliation: Meaning, Process, and Key...

Understanding Vendor Reconciliation: Meaning, Process, and Key Benefits

Vendor reconciliation is an important accounting practice needed to attain accuracy in financial records concerning suppliers. It involves comparing a company's accounts payable ledger with the statements advanced by its vendors to confirm that all invoices, payments, credit notes, and outstanding balances correctly agree. In simple terms, the vendor reconciliation meaning revolves around...

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