What is a Vendor Statement?
A vendor statement is a summary provided by a supplier that shows transactions between the vendor and a business over a specific period. It typically includes invoices, payments, credit notes, and any outstanding balances.
Finance teams use vendor statements to check that their accounts payable records match the supplier’s records. Differences can happen due to missing invoices, timing issues, or incorrect postings. If these are not identified and resolved, they can lead to disputes, late payments, and inaccurate reporting of liabilities.
For SAP finance teams, vendor statement reconciliation is easier when matching is done within the system rather than manually. BEST’s Vendor Recons module supports this process by helping teams compare vendor statements with SAP data and identify differences more quickly.
A vendor statement is a key part of keeping supplier balances accurate and under control.