Setting up Vendor Reconciliation Rules
You use vendor reconciliation rules in the bank account reconciliation, for Payment Management to insert a vendor number for unidentified bank statement lines. This will ease the process of identifying a match in the vendor ledger entries.
With Statement Intelligence, Payment Management will automatically try to match payments by using the payment's unique payment reference ID which is created for all payments processed from the payment journal with Payment Management. If a payment has not been processed from the payment journal, the unique payment reference ID cannot be used for matching the bank statement lines, in which case other parameters such as date and amount will be used. If a unique match cannot be found the reconciliation rule will be applied in order to identify a match. When a rule has been met, the vendor number will be inserted on the statement line, and you will be able to select and apply the matching vendor ledger entries. You'll find information about how to apply the suggested vendor ledger entries in the guide Applying Ledger Entries.
To set up vendor reconciliation rules
- Use the icon and search for Vendor Reconciliation Rules, then select the related link.
- In the action bar, select New to create a new reconciliation rule.
- In Account No. chose the vendor number that should be applied to the payment line when a payment line meets the search rule.
- In Search text enter the text to be searched for in the vendor payment.
- In Search Principle specify how you want the engine to search for the specified text in the fields enabled for searching.
- Exact indicates that search text must be the exact same as the description or notification on the payment, for the rule to be met.
- From left indicates that search text must match the first part of the description or notification on the payment, for the rule to be met.
- From right indicates that search text must match the last part of the description or notification on the payment, for the rule to be met.
- Within indicates that search text must just appear some place in the description or notification on the payment, for the rule to be met.
- Select Search in Description if you want the search rule to search for Search text in the description of the payment line.
- Select Search in Notification if you want the search rule to search for Search text in the payment line notification.
- If you want to set up more rules, go to the action bar and select New.
- When you have finished setting up reconciliation rules you can close the page.