Supplier Statement of Account: How to Read, Review, and Reconcile It

A supplier statement of account summarizes financial transactions with a supplier over a specific period, including opening balances, purchase invoices, payments, returns, adjustments, and closing balances.

To review it, verify the reporting period and opening balance, match invoices with supporting documents, and confirm payments against payment records. Check purchase returns and credit notes, then reconcile the closing balance with the supplier's statement. Investigate discrepancies before approving balances. Regular reconciliation helps prevent duplicate payments and improves payable accuracy. Try Cash Cloud for free to explore supplier, purchasing, and accounting tools.