Expense Reconciliation
Expense reconciliation matches submitted expense claims with bank or card transactions to ensure accuracy and prevent errors or duplicates. Automated systems import transactions, match them using amount, date, and merchant data, and flag unmatched items for review. Supporting multiple payment methods and multi-currency transactions, reconciliation can occur daily or in real-time, with finalized expenses lockable to prevent changes. Integration with accounting software ensures seamless data transfer, aligning with the Chart of Accounts. Detailed reports on reconciled and unreconciled items enhance audit readiness, streamline financial processes, and maintain clean, accurate financial records.
Frequently Asked Questions:
What is expense reconciliation?
Expense reconciliation is the process of matching submitted expense claims with actual transactions from bank or card statements to ensure accuracy and prevent duplicate or incorrect entries.
Why is reconciliation important?
It ensures that every approved expense has a corresponding transaction, keeps financial records clean, detects anomalies, and supports better audit readiness.
How does our platform automate reconciliation?
We automatically import card transactions and match them to submitted expenses using smart rules based on amount, date, and merchant minimizing manual effort.
Can unmatched expenses or transactions be flagged?
Yes. Any unmatched items are clearly flagged for manual review, so finance teams can investigate or prompt employees to complete missing details.
Does reconciliation support multiple payment methods?
Absolutely. We support reconciliation across corporate cards, out-of-pocket expenses, wallets, and even split payments making your financial view complete.
How often can reconciliation be performed?
Reconciliation can happen daily, weekly, or in real time depending on your bank/card integration. You control the frequency through system settings.
Can reconciled expenses be locked to prevent changes?
Yes. Once an expense is matched and approved, it can be locked to avoid further edits ensuring consistency between reports and accounting entries.
What reporting is available for reconciled vs. unreconciled items?
You’ll get dedicated reports showing all reconciled, partially matched, and unmatched items making follow-up easy and audit trails complete.
Can reconciliation handle multi-currency transactions?
Yes. The system supports automatic currency conversion and reconciliation in base currency, ensuring accuracy for global teams and cross-border transactions.
Is expense reconciliation integrated with accounting software?
Definitely. Once reconciliation is completed, expenses can be automatically posted to accounting solutions like QuickBooks, NetSuite, or Xero mapped to the right accounts and cost centers.
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