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. Outsourced Reconciliation Some businesses choose to outsource their expense reconciliation tasks to third-party service providers.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52

Clearly Payments

JUNE 21, 2024

Service Discrepancies: For services, the cardholder might feel that the service provided did not match the description or expectations set during the purchase. Duplicate Charges: The cardholder’s account was charged multiple times for the same transaction. For digital goods, provide access logs or usage reports.

Disputes 52

Disputes Address Verification System (AVS) Credit Cards Best Practices 52

Nanonets

JUNE 24, 2024

Merchant service reconciliation: This is pertinent to the income side of the reconciliation, where customers pay for the business via credit card. The accounting team must reconcile the credit card transactions received with the proofs received via the merchant service provider or payment processor, such as Paypal.

Reconciliation 52

Reconciliation Credit Cards Correspondent Issuers 52

Nanonets

SEPTEMBER 22, 2023

This report provides a detailed overview of the current financial position by listing all accounts payable transactions and their corresponding balances. Types of Accounts Payable Reports Description Invoice Aging Reports Provides a snapshot of outstanding payments, helping prioritize invoice payments.

Accounts 40

Accounts Master Account Best Practices Reconciliation 40

Nanonets

APRIL 3, 2024

Initial Consultation The process begins with an initial consultation between the client and the virtual bookkeeping service provider. The virtual bookkeeper gathers essential information about the client's business structure, industry, existing accounting systems (if any), and the scope of services required.

Automation 74

Automation Payment APIs and Integration Reconciliation Financial Analysis 74

Nanonets

SEPTEMBER 22, 2023

This article will provide a comprehensive understanding of  trade payables , their recording in the company's  balance sheet , and the expected  payment terms. Key Takeaways: Trade payables  represent the amount owed to suppliers for goods or services provided on credit.

Automation 40

Automation Accounts Risk Process 40

Nanonets

SEPTEMBER 21, 2023

An invoice is a crucial component of any business transaction, providing a detailed breakdown of a sale. It includes important information such as the amount owed by the customer, the products or services provided, and the payment due date. Furthermore, invoices help businesses avoid duplicate payments or pay inaccurate amounts.

Audit 40

Audit Legal Accounts Transactions 40