Automate Cash Application

You need payment reconciliation for several reasons. Firstly, it can help you identify discrepancies, errors, or fraud in your financial records. By comparing the payment data with bank statements or other sources, you can catch any discrepancies and take appropriate actions to resolve them. Secondly, payment reconciliation ensures that all transactions are properly recorded and accounted for, which is crucial for accurate financial reporting and analysis. It provides you with a clear and accurate picture of your cash flow and financial health. Additionally, payment reconciliation helps you maintain good relationships with customers and suppliers by promptly resolving any payment discrepancies and ensuring timely and accurate processing of transactions.

There are various types of payment reconciliation depending on the nature of the transactions involved. Some common types include:

• Bank reconciliation: This involves comparing the transactions recorded in a company’s bank statement with the corresponding entries in the company’s accounting records.
• Credit card reconciliation: It involves matching credit card transactions processed by the business with the credit card statements received from the card issuer.
• Vendor reconciliation: This type of reconciliation is performed to ensure that the amounts owed to suppliers or vendors match the records maintained by the business. It helps in identifying any discrepancies or errors in the payment process.
• Customer reconciliation: It focuses on comparing customer payment records with the amounts recorded in the company’s books. This type of reconciliation helps identify any outstanding payments, discrepancies, or errors in customer transactions.
• Internal reconciliation: This involves reconciling transactions within a company’s internal systems, such as between different departments or subsidiaries, to ensure consistency and accuracy in financial reporting.

These types of payment reconciliation help businesses maintain financial accuracy, transparency, and trustworthiness in their operations.

Our system offers a seamless reconciliation process with our advanced payments matching engine. The engine provides scores for each transaction that can indicate whether we have found a perfect or suggested reconciliation match. Then, you can view and verify each match, whether it’s a one-to-one, one-to-many, or many-to-one match. Additionally, our system enables you to account for any potential discrepancies that may arise from foreign exchange rates and additional bank charges. With Kolleno, you can streamline your payment reconciliation process with ease and accuracy.

During the Kolleno demo, you have the option to either upload your own accounting data or utilize the provided sample data to experience firsthand how the payment reconciliation feature operates.