Close Processes Duplicate Wire Transfer 
Nanonets
JUNE 27, 2024
Reconciliation is a crucial accounting process that ensures the accuracy of the financial close process. The purpose of bank reconciliation is to: Identify accounting errors such as duplicate payments, lost checks, and other human-made mistakes during data entry. Why is it Important to Reconcile your Bank Account?
Nanonets
NOVEMBER 27, 2023
If, after netting payments, you are the organization with an outstanding balance, your AP team will send a wire transfer or physical check for the total balance. It’s important that the invoice approval process does not get overlooked because you could end up overpaying if a duplicate invoice is sent by accident.
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