Invoice reconciliation

Overview

Invoice reconciliation ensures that an invoice’s payment history matches the payment records within Monite systems. This involves updating payment amounts and invoice status to reflect the latest transaction data. This page explains how Monite handles reconciliation for invoices with internal or external payment rails.

How it works

When creating or issuing an invoice, you can choose between using Monite’s internal payment rails or payment rails provided by an external payment provider. Monite systems automatically reconcile payment records for invoices paid using our internal payment rails. However, when using external payment rails, you must manually provide details of payments made towards an invoice for Monite to record and reconcile.

When using Monite payment rails, the entity must connect a payment link to the invoice using the POST payment_link endpoint. Upon issuing the invoice, the counterpart will receive the payment link generated for the invoice. The counterpart can then make a payment by accessing this link via email or the invoice’s QR code. After the payment transaction is completed, Monite automatically updates the invoice and stores the invoice’s payment information. The invoice’s status is also updated to paid.

You can retrieve the payment information for the invoice by making a GET request to the /payment_records endpoint and including the object_id query parameter. This parameter accepts the invoice UUID as its value. For more information, see Get all payment records for a receivable.

On the other hand, when using external payment rails, the entity must provide the link to the external payment page for the invoice. When a counterpart makes a payment, the entity must send information about the payment—full or partial—to Monite by making a POST request to the payment_records endpoint. The request must include information about the invoice and its payment information. For more information, see Create a payment record.

Upon reconciliation, Monite updates the invoice with the latest payment information and automatically transitions the invoice to the appropriate status.