Automated Statement Reconciliations for SAP
The FIS monitor provides automated statement reconciliations between vendor balances in SAP and the vendor statements. The SAP integrated application may also be used to reconcile payment advice notes from customers.
FIS / edc (statement monitor) is an integrated SAP technology that reduces the workload when reconciling vendor statements or customer payment advice notes (remittances).
The automated statement reconciliation process can be then be achieved in less time and more economically than with SAP alone.
By freeing up time and reducing workload, the Accounts teams can then focus only on the invoices discrepancies between the statement data and SAP vendor data.
Releases of the technology run with both SAP ECC 6 and SAP S/4HANA. The application is able to process both vendor statements and customer payment advice notes in a single SAP add-in technology.
The integrated software in normally paired with the FIS OCR reading technology. This key data reading application automates the data entry of key data from the statements. Statements can be also received via email attachments.
Automated Statements Reconciliations for Vendors
Vendor Statements usually take a lot of time to reconcile manually. In most instances - all statements are compared with the vendor account balance on SAP.
The statement monitor is focused on identifying vendors with unequal reconciliation balances compared to SAP. The solution’s main advantages include:
- Reduced workload on the Accounts Payable team, who now only review vendor accounts with unequal balances
- Ability to identify specific invoices from vendors that have been received or could have been misplaced
- Improving the efficiency of the accounts payable team - who now only review reconciliation exceptions identified by the statement monitor
- Statement data is automatically compared with the vendor balances in SAP on the date of the statement
For organisations who wish to make savings by introducing an automated statement reconciliation process of reviewing vendor statement balances.
The statement monitor filters exceptions - statements that do not reconcile against vendor balances in SAP on the date displayed on the statement.
An alternative to
- Manually reconciling statements against SAP vendor records
- Spending time identifying which invoices from the statement are not in agreement with SAP
Highlights and key benefits:
- Automatic OCR reading of vendor reconciliation contents from an emailed attachment or a scanned document
- Automatic comparison of data from the vendor data within SAP, filtering statements with non-zero balances
- Identifies invoices potentially in dispute or lost invoices
- Manual comparison of data now diminished, account team now directed to reconciliations where assistance is required
- Vendor data from the document is compared with data in SAP in familiar a SAP GUI
Automated Payment Advice Note Reconciliations
The document monitor can also be utilised to increase the level of automation and decrease the level of manual tasks required when reconciling customer payment advice notes (remittance advice notes).
Using the monitor, customer remittances can be matched and subtracted automatically from the outstanding invoices records in SAP prior to the payment reconciliations with the bank.
Therefore the automated process creates savings and improves matching accuracy.
Highlights and key benefits
- Identifies invoices sent to customers that have not been acknowledged
- Improves the efficiency of the accounts receivable team - who now only review reconciliation exceptions
- Fewer manual comparisons of data required
- Customer data from the document is compared with data in SAP within a familiar SAP environment GUI and therefore easier and quicker to adopt