Reconciling Invoices

[waffle888]

What's the best method to reconcile invoices?

[greenthumb-38]

Sales Invoices ?? Mfg'r Invoices ?? Vendor Invoices ??

~ gt

[vtecmanager]

I had a three tier system (the plastic/metal paper holders that stack on top of each other) to help reconcile/keep track of paper work.
The top one was for manufacturer invoices/credits that I printed daily.
The second one was for any packing slips received for anything manufacturer related and also included any return paperwork to the manufacturer.
The third one was for any other return/packing slips from other vendors.

Once every couple of days I would match up the packing slips to the vendor invoices, check for errors, and code them and send to accounting. I did this for bills and credit slips/returns. Once a week I would work through my third level drawer and do the same thing. This drawer would be my catch all for problem children invoices and such. When EOM came around I would go through my packing slips and see if I missed a factory invoice and reprint and send to accounting. I would also check my invoices to see if a packing slip made it past my guys. The invoices/packing slips left over after this were either the following:

Parts return slip-Waiting on credit from the manufacturer or vendor.
Packing slip-Waiting on an invoice from the manufacture or vendor.
Invoice-Waiting on the parts to be shipped from the vendor or manufacturer.

This system came in real handy come inventory time since the GM and the head bean counters knew exactly what was outstanding and was taken into account during the reconciliation. Hope this helps.

[partsman1]

Use spreadsheets to track cores, buybacks, pending credits, packing slips... etc. Mike Nichols has a template for that.

[PartsPlant81]

Get file folders.
Label them all as follows (ex. "Claims shipped", "Claims paid"; "Cores shipped"; "Cores Paid", etc.)
Keep everything you are waiting to be paid in the shipped folder; when you receive the invoice that it is paid on stamp or mark it paid with the invoice date on it and put it in the paid folder.
Been doing it this way for over 4 years and never had an issue and it's always organized.