The Reconciliation Process

The Reconciliation Process

An invoice reconciliation is something that should be done at least monthly for most companies.  The reconciliation report will let you know if you have a loss or a surplus so it is something that should be provided to the manager responsible for hired equipment.

A reconciliation is a comparison of the following:

Physical Count +/- Owed Equipment

v

Invoice Closing Balance +/- Uninvoiced Transactions

Some of the things that should be done in the course of a reconciliation are:

  • Ensure that a physical count is done.  CHEP and Loscam provide calendars showing their end of month cutoff dates.  Ideally, the count should be done as close as possible to these dates although PalletWatch will adjust count figures to align them with the invoice date.
  • Do not let owed pallets build up.  collect them as soon as possible.
  • Check that the closing balance on your PalletWatch reconciliation report matches that on your PDF invoice.
  • Check all uninvoiced transactions and follow up any that need to be.
  • If there are any transfer on dockets which have been invoiced but have not been entered then ask the other party for a signed copy of the docket.  PalletWatch can do this for you when you click on the "Info from TP" button when you are reconciling.
  • If you cannot verify unreconciled transfer on dockets then reject or correct them.  This should be done within the timeframes stipulated by CHEP and Loscam.

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