EBizCharge

OCTOBER 17, 2023

Account balance adjustment: Finally, the originator’s account will be adjusted to reflect the return of the failed payment. Incorrect payment amount: A reversed ACH can correct transactions where the amount transferred doesn’t align with the agreed-upon terms, providing a mechanism to adjust the financial value accurately.

ACH 52

ACH Returns RDFI ODFI 52

FloQast

JANUARY 17, 2024

In November 2023, the FRC announced that it would publish the revised Corporate Governance Code in January 2024, but that it would be making only a “small number of changes that streamline and reduce duplication”. As with the 2023 list of proposals, that implementation date may change depending on influencing factors in 2024.

Governance 84

Governance Government AAP Audit 84

Nanonets

JUNE 19, 2024

Errors in logging payments correctly, duplicates, or missing entries may lead to incorrect reporting. Duplicate Payments: Without regular reconciliation activities, there is always a risk associated with processing payments twice. Ensure that the vendor invoice correctly aligns with the Accounts Payable system for each item.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

Nanonets

MAY 21, 2024

Common discrepancies may include unapplied payments, duplicate entries, or incorrect customer balances. Adjust Ledger Balances: Make necessary adjustments to the accounts receivable ledger to correct any errors or discrepancies. Investigate Discrepancies: Identify and resolve unapplied payments, duplicates, or errors.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Nanonets

JANUARY 8, 2024

They have to be adjusted as shown in the next steps. Step 3: Adjust bank balance The discrepancy in the two balances has to be identified and checked on an individual transaction basis. Bank statements must be adjusted by adding pending deposits (deposit-in-transit) and deducting pending outgoing checks (outstanding checks).

Reconciliation 52

Reconciliation Process Adjustments Checks 52

Nanonets

JANUARY 8, 2024

They have to be adjusted as shown in the next steps. Step 3: Adjust bank balance The discrepancy in the two balances has to be identified and checked on an individual transaction basis. Bank statements must be adjusted by adding pending deposits (deposit-in-transit) and deducting pending outgoing checks (outstanding checks).

Reconciliation 52

Reconciliation Accounts Adjustments Checks 52

Nanonets

SEPTEMBER 25, 2024

Set up rule-based workflows to identify and remove any duplicate entries and human review for complex or ambiguous transactions. Regularly analyze reasons for variances (for eg: format differences, fraud, duplicate records) Discrepancy identification During reconciliation, any mismatches are flagged for further review.

AI 52

AI Process Best Practices Reconciliation 52

Nanonets

JUNE 17, 2023

If the ending balances don't match, accountants investigate the cause of the discrepancies and make adjusting entries required to resolve differences resulting from errors or missing transactions. Once accounting reconciliation is complete, adjustments to the GL account balance may be made through an adjusting journal entry.

Reconciliation 52

Reconciliation Accounts Adjustments Credit Cards 52

Nanonets

JUNE 26, 2024

" The purpose of performing the bank reconciliation is to identify discrepancies and adjust entries so that the transactions are aligned with each other. We need to identify why these differences exist and make adjustments accordingly. These need to be adjusted in the bank statement.

Reconciliation 52

Reconciliation Adjustments Audit Checks 52

Nanonets

JUNE 27, 2024

Bank reconciliation is done to spot differences between the two records, verify the transaction amounts, and make the necessary adjustments. The purpose of bank reconciliation is to: Identify accounting errors such as duplicate payments, lost checks, and other human-made mistakes during data entry.

Reconciliation 40

Reconciliation Accounts Adjustments Checks 40

PYMNTS

FEBRUARY 5, 2020

Teams often don’t understand they’re paying for overlapping services, duplicate vendors and zombie subscriptions that fall below the radar.”. In an organization with hundreds or thousands of employees, those duplicate software purchases and unused subscriptions compound into an expensive waste of spending.

Duplicate 57

Duplicate Payments Commercial Card Compliance 57

Nanonets

APRIL 15, 2024

Adjusted Bank Balance : This is the balance calculated by adjusting the opening balance with the total of all transactions listed in the bank statement. Reconciling Items : Any differences between the adjusted bank balance and the adjusted internal balance are listed as reconciling items.

Reconciliation 52

Reconciliation Adjustments Correspondent Checks 52

Nanonets

FEBRUARY 6, 2024

Reconciliation helps remove duplicate entries and rectify errors. Its primary aim is to accurately account for all transactions and adjust accounts according to intercompany accounting rules. Forex Adjustment: Set a currency adjustment rate and convert all transactions into one currency. Standardize tools & processes.

Reconciliation 52

Reconciliation Adjustments Automation Transactions 52

PYMNTS

OCTOBER 26, 2016

But while merchants have now had more than a year to adjust to the new technology, retailers still lag behind when it comes to chip card adoption, causing frustration and confusion for consumers, even with chip-based cards decreasing counterfeit fraud by 60 percent, according to Mastercard. It’s EMV all over again.

EMV 76

EMV Security CHIPS Online and Mobile Banking 76

PYMNTS

DECEMBER 18, 2020

Companies are adjusting their AP practices to better suit work-from-home operations, according to recently released results of a survey taken from May to June. Additionally, duplicate payments are just as serious and will impact the buyer’s cash flow. “An Since there’s no way back, the payments industry is now cutting new pathways.

Automation 64

Automation Process AI Payments 64

Nanonets

APRIL 2, 2024

Adjusting the Cash Account Balance: Making adjustments based on identified discrepancies to accurately reflect the company's cash balance. Adjusted Bank Balance: The ending balance adjusted for any outstanding deposits or withdrawals not yet recorded by the bank.

Reconciliation 52

Reconciliation Automation Regulatory Compliance Compliance 52

Nanonets

MAY 21, 2024

Make Adjustments: Record missing transactions and correct errors for accurate balances. Document Process: Maintain detailed records of steps, findings, and adjustments. Bank Errors : Banks can make errors in processing transactions, such as posting incorrect amounts or duplicating entries.

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

PYMNTS

SEPTEMBER 24, 2020

Its digital-first platform can adjust inventory, optimize communications and understand customer behavior in a way that no brick-and-mortar retailer ever could. It will become a “clean” model without obstructions, full of customer value and ripe with pure consumer connections.

On-Demand 64

On-Demand Duplicate Returns Consumer 64

Nanonets

AUGUST 7, 2023

During training, the model adjusts its internal weights and biases based on the differences between its predictions and the actual labels in the training data. learning rate) may be adjusted to fine-tune the model's performance. Model Training The preprocessed images are fed into the CNN model for training. Hyperparameters (e.g.,

AI 90

AI Process On-Demand Automation 90

PYMNTS

JANUARY 28, 2020

Other methods involve illegally altering coupons, as some fraudsters adjust terms, expiration dates or even barcodes. In this case, fraudsters intentionally apply coupons to the wrong menu items and pressure cashiers into accepting them — typically to get larger sizes of similar products, rather than entirely different items.

Duplicate 56

Duplicate Database Mitigation Adjustments 56

Nanonets

NOVEMBER 12, 2024

Record Already Exists Description: This error means NetSuite thinks there’s already a similar record in the system, which it sees as a potential duplicate. Workflows Where This Can Occur: Sales Transactions: When importing many sales orders , each transaction needs a unique identifier to avoid duplicates.

Multi-Currency 52

Multi-Currency Error Resolution Duplicate Checks 52

Nanonets

JUNE 21, 2023

This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records. By comparing payment data from different sources, businesses can identify discrepancies, such as missing or unmatched payments, duplicate entries, or recording errors.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

FICO

MARCH 14, 2023

Resolution of a query or an issue which comes up repeatedly may also result in the need to adjust the logic or rules (edits) which are used for claims processing, which requires additional labor and time if it can be accomplished at all due to common limitations in custom-coded or COTS claims management software.

Automation 98

Automation Rules Process Innovation 98

Nanonets

APRIL 12, 2023

In this step, organizations validate and clean the data, removing any discrepancies, duplicates, or errors. Forecast Spend to Improve Results Accurate spend forecasting enables organizations to anticipate future expenses, identify potential budgetary constraints, and adjust their spend management strategies accordingly.

Compliance 52

Compliance Duplicate Automation Process 52

Nanonets

JULY 24, 2023

Step 4: Confirm Once you have identified the transactions that need to be adjusted, it's crucial to record them appropriately. Step 5: Find errors Although rare, errors can occur on the bank's side, such as duplicate records, incorrect transaction entries, or miscalculated commissions.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

APRIL 24, 2024

Documentation Review : The auditor reviews the documentation supporting the bank reconciliation process, including reconciliations, adjustments, and explanations for discrepancies. They assess the adequacy and accuracy of documentation to support the integrity of financial records.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

PYMNTS

OCTOBER 2, 2018

Sure, 42 percent of Facebook users have taken a break from the platform during the past year, while 54 percent of those 18 and older told Pew Research they have adjusted their privacy settings during that timeframe, according to a recent PYMNTS story. And is it my responsibility to avoid issues like duplicate entries?”

Privacy 75

Privacy Laws Consumer Duplicate 75

Nanonets

JUNE 18, 2024

Make Adjustments : Make necessary adjustments to the general ledger to correct the discrepancies and ensure the accounts are accurately reconciled. Document the Process : Document the reconciliation process, including the steps taken, the discrepancies identified, and the adjustments made. Retain all supporting documentation.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

MAY 7, 2024

By comparing these records, businesses can identify any discrepancies, such as missing or duplicate transactions, incorrect or false amounts, or any unauthorised expenses and transactions. Credit card reconciliation helps identify discrepancies such as fraudulent transactions, duplicate charges, or unauthorised expenses.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

FloQast

NOVEMBER 28, 2023

Let’s say you hired a new AP person and want them to complete the AP reconciliation PBC – they can look back at last year’s file and do their best to duplicate the work (assuming it was done correctly!) before reaching out for help. Close Efficiency Tools This wouldn’t be the FloQast blog if I didn’t talk about FloQast!

Audit 52

Audit Process Technology Reconciliation 52

Nanonets

FEBRUARY 13, 2024

Updating and Evolving Policies: Bi-annual reviews to adjust limits and categories as per market rates and company growth. However, as the company grew, the CFO, Alex Morgan, noticed several issues: Duplicate Claims:  Employees occasionally submitted the same expense twice due to lack of proper tracking.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. Updating and Evolving Policies: Bi-annual reviews to adjust limits and categories as per market rates and company growth. The management team, acknowledging the practical challenge, decides to adjust the policy.

Process 52

Process Compliance Automation Audit 52

Nanonets

APRIL 16, 2023

Errors at the start of the invoice processing workflow can snowball into serious outcomes such as over-payment, incorrect payments, invoice duplication, etc. An invoice is created, matched against POs and delivery receipts based on pre-set rules, and checked to ensure there are no duplicate invoices.

Automation 52

Automation AI Duplicate Accounts 52

Nanonets

MAY 6, 2024

This process includes verifying transactions against payroll registers and tax reports, ensuring that tax withholdings match figures reported to tax authorities, accounting for accruals and adjustments related to payroll expenses, and verifying the accurate calculation and recording of employee benefits and deductions.

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

JUNE 25, 2024

This leads to time wasted on status inquiries and potential duplicate payments. This step ensures accuracy and helps prevent overpayments or duplicate payments. Remember, automation is an evolving process – be prepared to make adjustments as your business needs change.

Automation 52

Automation Payment APIs and Integration Rules Process 52

Nanonets

SEPTEMBER 22, 2023

Checking for duplicate payments is another essential practice that helps prevent unnecessary expenditure and minimizes errors. Check for duplicate payments to minimize errors and unnecessary costs. This report includes information such as voucher numbers, invoice details, payment dates, and any adjustments made.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

Nanonets

NOVEMBER 30, 2023

When purchasing teams can track outstanding POs, they can help their organization avoid duplicate purchases or chase down late orders.  If a PO is left open after the invoice has been paid, your AP team could accidentally send duplicate payments. What is the Difference between Purchase Orders and Invoices?

Legal 52

Legal Automation Duplicate Agreements 52