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For this, all details of the purchase as mentioned in the invoice are matched with the corresponding purchase order to ensure that the product/services that were ordered were delivered correctly and at the price agreed upon. initiates payment for approved invoices, following their payment procedures.
For instance, if the bank statement shows a $1,000 deposit on a specific date, it matches the corresponding entry in the accounting records. Regularly train staff on adjustment procedures to minimize errors. Reconciliation This step involves matching the extracted data with the company’s internal records.
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