What is Payment Reconciliation?
Also known as: Bank reconciliation, mutabakat
Payment reconciliation is the process of matching a business's own sales and collection records, one by one, against transaction reports, account statements and settled amounts from banks and payment providers. Its purpose is to detect missing, excess, delayed or incorrect collections.
How does Payment Reconciliation work?
- Transaction lists and statements are collected from each bank and payment provider; commission deductions and settlement dates are included in this data.
- Records are matched against the business's own records using fields such as order number, amount, date and transaction reference.
- Unmatched records go to an exception list for review; results are exported to the accounting or ERP system.
Key points
- Manual reconciliation can take days in multi-bank setups
- Makes commission and settlement differences visible
- Simplifies tracking of refunds, cancellations and chargebacks
Payment Reconciliation with Treps
Treps Reconciliation automatically matches transactions across multiple banks and payment providers on one screen, reports exceptions and produces output compatible with accounting/ERP systems. Since payments already flow through Treps, data from all channels is available in a single format.
Frequently asked questions
What does automated reconciliation save?
It eliminates the need for finance teams to download reports from each bank portal and match them in spreadsheets, surfaces incorrect or missing collections the same day, and shortens month-end close.
Is reconciliation the same as bookkeeping?
No. Reconciliation verifies that records are correct against bank data. Bookkeeping is posting that verified data to the ledgers; automated reconciliation output speeds up bookkeeping as well.