How Does Outmin Reconcile Supplier Balances?
How we match supplier statements to accounts and what we might need from you
As part of ensuring accurate VAT workings and clean period closes, we reconcile your clients’ supplier balances against supplier statements. This process identifies missing documents, duplicate entries, and payment mismatches, and helps ensure the accounts reflect reality.
How it works:
- We compare the open items in Outmin to the supplier’s statement.
- Any differences (e.g. missing invoices, incorrect payment allocations, duplicate uploads) are flagged and resolved before VAT preparation. Once we’re connected with the supplier, our team engages them directly to collect missing documents, reducing the burden on the client and the firm.
- For high-volume suppliers or large balances, we reconcile more frequently to reduce the risk of last-minute issues.
What we may ask of you:
- Statements: If a supplier statement isn’t available in the platform, we may ask you to upload it or help retrieve it from a portal.
- Clarifications: If a transaction doesn’t match our records (e.g. payment via personal card or cash), we may request context to allocate it correctly.