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Glossary / Also known as

Payments reconciliation

Another name for Payment Reconciliation.

Other names
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What does payments reconciliation mean?

Payments reconciliation is another name for Payment Reconciliation. Payment reconciliation is the process of matching incoming payments against outstanding invoices to ensure accurate accounting and identify discrepancies.

The two names mean the same thing. You will see "payments reconciliation" in some ledgers, reports and contracts and "Payment Reconciliation" in others. The full entry covers how it works, with examples.

Read the full definition of Payment Reconciliation

Topics

From the glossary

Related terms.

Bank reconciliation Payment Reconciliation Payment reconciliation is the process of matching incoming payments against outstanding invoices to ensure accurate accounting and identify discrepancies. Also called payment matching, cash application, payments reconciliation GST reconciliation GST Reconciliation The process of matching your purchase records with supplier-filed GSTR-2A/2B data to ensure accurate and compliant Input Tax Credit claims. Also called GST recon, GSTR reconciliation, 2A/2B reconciliation Accounts payable Accounts Payable (AP) Money a business owes to its suppliers and vendors for goods or services received but not yet paid for. Also called trade payables, sundry creditors, payables Invoice processing Invoice Management The end-to-end process of creating, receiving, tracking, approving, and processing invoices for timely payments and accurate financial records. Also called invoice processing, invoice handling, invoice workflow TDS TDS (Tax Deducted at Source) A system where the payer deducts income tax at prescribed rates before paying the payee, and deposits it with the government on the payee's behalf. Also called withholding tax, tax deduction at source, tax withheld at source Bank reconciliation Bank Reconciliation Statement The detective work of matching your books against the bank's records to find every missing rupee. Also called BRS, bank reconciliation, bank rec
From the blog

Related posts.

ERP What is a Bank Reconciliation Statement? Format, Steps and Example A bank reconciliation statement (BRS) explains the gap between the cash book balance and the bank statement balance on a date, item by item, until they agree. Dhatri Medarametla 3 min ERP Month-End Close Process: Steps and Checklist The month-end close is how finance records, reconciles and reviews a month so the books can be locked. Steps, a GST and TDS checklist, and a close calendar. Dhatri Medarametla 3 min AP Vendor Reconciliation: Process, Format and Example Vendor reconciliation matches your ledger for a supplier with its statement and explains every difference, such as payments in transit, TDS and debit notes. OneFinOps Editorial 3 min
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