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Late and Inaccurate Payments
Transactions are being entered manually in each company. Inter-company transactions are being re-keyed into multiple company databases, and there are errors. Transactions do not get recorded in all companies. They get recorded incorrectly, resulting in difficulty reconciling the inter-company balances. Payees could tamper with the checks and change the payment amounts. Banks pay fraudulent checks. AP and AR trial balances need to be manually reviewed to determine the net balance for entities that are both a customer and a vendor of your company. Payments are made to vendors who are also customers but who actually owe your company money. You…
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