Reconciliation is the process of matching the amount received from the factoring company with the amount received from the broker. Kindly follow the steps given in this article to reconcile any invoice.

Step 1: Apply Filters and Select Invoices

Before beginning the reconciliation process, follow these steps:

• Please navigate to the Accounting tab and choose Invoices.

• Next navigate to Reconciliation mini-section.

• Click on Add Reconciliation to begin the process.
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• Kindly select the appropriate date filter to narrow down the invoices.

• Please choose the invoices you want to reconcile and click on Add.
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Step 2: Choose the Reconciliation Method

There are two ways to reconcile invoices:

1. Manual Reconciliation

If reconciling manually:

• Copy the Load ID of each invoice.

• Paste them under the Load ID section as shown below.

• Enter the amount received in the bank account as sent by the broker.

• Enter the Collected Date and click Reconcile.

• If there is a difference between the expected and received amount, click on Finalize to complete the process.

  

2. "Other" Reconciliation

Choose Other from the drop-down next to the Collected Date and:

1. Checkmark the loads that you're reconciling.

2. Enter the "Actual Paid Amount" that was paid by the factoring company to you.

3. Under the "Reconciliation Type" choose whether this invoice was under-paid, unpaid or fully paid.

4. Lastly, click on Finalize to complete the process.

Following the steps given in this article, you would be able to successfully reconcile any discrepancies in your invoices.

We hope this article was helpful. However, if you have any further questions, please don't hesitate to reach out to our Live Support.