What are the best practices for keeping vendor statements? Should they be filed or thrown away?

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Your question depends on your company's business practices including your record retention policy. Some companies do not maintain statements once they reconcile them against what they have in their AP system. The rationale is that they do not want to mix up payment by invoice versus a statement. However, other companies will keep the reconciliation, date stamp it and file it. They may retain the statement based on their record retention policy or they discard the reconciliation after the month end close.

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