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Vendor statement reconciliation glossary
Look up vendor statement reconciliation terms and see how the same control may be named differently in the UK, US, and Australia.
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Vendor statement reconciliation
Comparing what a supplier's statement says you owe with your AP ledger, then investigating every item that does not match.
Supplier statement reconciliation
The UK and Australian term for vendor statement reconciliation: comparing a supplier's statement with your AP subledger and explaining the differences.
AP subledger reconciliation
Checking that the Accounts Payable subledger, which records individual vendor invoices and payments, agrees with the control account and the supporting records.
Open-item statement
A vendor statement that lists currently unpaid invoices, usually with one amount column and no running balance.
Balance-forward statement
A vendor statement that carries a running balance through the period, using debit and credit columns or a balance that updates after each line.
Aged Payables vs Aged Creditors
Two regional names for the report of amounts owed to suppliers, grouped by how long each amount has been outstanding.
Three-way match
An invoice-entry control that checks the purchase order, goods receipt, and vendor invoice agree before payment approval.
GR/IR
Short for Goods-Receipt/Invoice-Receipt: the ERP account and process used to match a goods receipt with the vendor invoice.
Statement Zen Academy Team — Practical guidance based on Statement Zen's vendor statement reconciliation work. · Last updated