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HOME ENERGY MANAGEMENT CONSULTANCY ENERGY MANAGEMENT SOFTWARE ABOUT US CONTACT US Invoice Reconciliation e-Bench provides a comprehensive invoice verification and reconciliation system to ensure that all invoices are accurate and a client is not either over or under charged. Many meters are still being read manually. As with any process or application where there is human input, so there is the opportunity for error. e-Bench is configured to check all invoice data to verify if the information on the invoice can be regarded as accurate. It does this in two ways:

Checks to ensure the correct tariffs have been applied, i.e. cents per kWh and other levies such as taxes. Checks to ensure if the consumption levels are within the bounds of what might be expected for that particular month. e-Bench achieves this by comparing the same month of the previous year and then seeing if the consumption levels are within a certain percentage of that earlier period. Please note this percentage can be varied by the user from 5% to 100% or by an absolute amount. If problems are detected, e-Bench sends exception reports to whoever is designated as the recipient of these alerts (in most cases ETSL), so they can be investigated. The advantage of this intelligent processing is that errors are picked up as they quickly and can be managed accordingly.

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Traditional invoice reconciliation is a three-way match process. This is similar to the three-way match process found in the accounts payable process. Accounting clerks will review invoicesagainst the bill of lading sent with goods from the vendor and the companys internal purchase order. Common points to reconcile are quantity of goods, price for each item, payment terms, and authorization from upper management. Companies may also reconcile invoices against vendor statements. This ensures no unauthorized invoices exist and all invoices receive prompt payment. Invoices are official documents that represent a bill of sale. Large organizations can receive hundreds or thousands of invoices each month. This creates the need for a strong reconciliation process. Additionally, bill payment is a part of the cash management process. Companies especially those that are publicly held must pay close attention to bill payment to ensure the company does not waste capital. Internal controls can include separating the person completing the invoice reconciliation process from the employee responsible for cutting checks to pay invoices. This ensures the company is not processing false invoices for payment. Ads by Google

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Most companies will create standard invoice reconciliation procedures. For example, many companies pay their bills on the 10th and 25th of each month, whichever comes first according to invoice dates. At this time, accounting clerks will review invoices needing payment and collect the corresponding purchase orders. Each invoice is compared to the purchase order prior to issuing payment. Another option is for companies to pay invoices once a month after receiving statements. Most vendors or suppliers will send statements within the first two weeks of each month. This creates a standard cycle for paying bills. Monthly invoice reconciliation using statements starts with comparing unpaid invoices to the monthly statement. Companies using a computerized accounting application will have electronic records for invoices. Paid invoices will be marked off the invoice; this should leave all unpaid invoices currently in the accounting file. Accounting will probably have stapled internal purchase orders to each open invoice. This results in simply matching the invoices to the statement and paying the bill. Invoice reconciliation is a highly cyclical process. Business owners and managers will often require the same information supplied with each payment request prior to signing the corresponding check. This allows for a final review of the information prior to releasing funds. Owners and managers will review general ledger account codes, authorized signatures, recalculate math figures or ask questions to confirm the accounting clerk completed all required reconciliation steps. Ads by Google

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