SUP130 – Supplier Recons
- May 4, 2020
GENERAL
This document will assist you in applying the Supplier Reconciliation functionality available in Palladium Premium Edition.
Overview
Probably the most important function that is overlooked in most businesses and not catered for in the “Traditional” Accounting Software program is that of Supplier Reconciliations. It is because of this, that Financials are generally misstated with belated Supplier Invoices getting processed after the fact. With our Supplier Reconciliation function, managers can print one Control Sheet that will display all the Reconciliations with all the Reconciling Items grouped. In addition you can even perform Zero-value reconciliations for completeness. In addition users can perform Reconciliations at any day, catering for Monthly, Weekly or even Daily Controls.
Setting Up Reconciliation Reasons
Users can set as many Reconciliation Item Types as required, in addition to the Standard types as displayed below.
Processing a Reconciliation
You can process a Reconciliation either by selecting the Supplier Recon icon or by drilling down from the Reconciliation Control Sheet. In terms of processing, once you have selected the Reconciliation Date, Palladium will populate the Supplier Balance for the selected date. Once you have entered the Supplier Statement Balance, you will be required to enter the variances and reasons in order to reconcile back to your Palladium System Balance.
Reconciliation Control Sheet
The reconciliation control sheet performs a dual function in that it displays a summary of the Supplier Reconciliations grouping the Reconciliation Reasons, but also acts as a proof of Evidence for the reconciliations completed, or not completed for a period, allowing management and external stakeholders like Auditors to be able to place additional reliance thereon.
Below is an example of the control sheet where you can see which Vendor Accounts have been reconciled and which haven’t. You will also see that accounts with Zero balance have also been reconciled from a completeness point of view. The columns in red show the different reconciling item types with the columns on the right totalling the balance on the left.