Get all the benefits of reconciling your vendor statements without the hours of work. Our feature helps us quickly identify and solve statement issues in minutes, ensuring you always pay your vendor the exact amount owed, every time. Never miss a credit or let an invoice slip through the cracks again!
Statement Reconciliation + Bill Pay
In order to successfully reconcile your vendor statements, we need a complete record of all your transactions - i.e. we need you to both upload your vendor invoices and pay them in MarginEdge. It’s the secret sauce for ensuring your data is accurate and the reconciliation process is a breeze.
If you don’t already pay your bills with MarginEdge, we’ll walk you through the setup process when you onboard your first vendor. Or you can read this article on how to get started with Bill Pay and get a head start.
Note: Users with Bill Pay access also have access to this feature (Accountants, Bill Pay Users, MarginEdge Admins).
Launching a New Vendor
In order to get this going for you, we need either
1) your vendor's statement or
2) a good email address for us to contact your vendor
If you're brand new, here's how to provide that for us! Go to Bill Pay > Reconciliation to get started.
In the gray box on the side, click the button to tell us if you have the statement ready to upload.
If Yes, you will be prompted to select and upload the file from your computer.
If No, you will prompted to provide us with an email address so we can ask on your behalf.
If we don't get the statement, are missing some invoices, or find anything out of whack, we will alert you to help us solve the problem.
If you already have some vendors enrolled, but want to add new ones, you will see a "Reconcile New Vendor" button on your Reconciliation home screen. This will pop up the same box for you to upload a statement or enter an email address.
Adding a New Statement for a Vendor Already Enrolled
Bill Pay > Reconciliation is your hub to see the status of the reconciliation process. Open Invoices and missing info are highlighted up top and the table below shows you all of the vendors that are currently set up for reconciliation.
Click "+" button to add a new statement.
Enter the date and the total and click to upload the file.
Cilck the ">" to see previous statements.
This will allow you to see the total and status of previous statements. You can also click to download or click "Resume" to jump in and help resolve any outstanding issues.
Bill Pay Invoice Status
Once you're up and running, you can see that bill's status right on the Bill Pay > Invoices screen so you know exactly which bill is ready to be paid.
Reconciled - we have completed reconciliation for the statement that included this invoice
Pending - we either have not received the statement or are working to resolve some issues
Blank - we don't have that vendor enrolled yet, so get us their statement!