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Reconcile a cross-border customer payment by treating it as a chain of evidence: capture the incoming receipt details, match them to the invoice and customer, record any currency conversion and deductions, post the net and gross entries to the ledger, and document the exception if anything does not tie out. The goal is a ledger entry that can be traced back to a specific receipt and forward to a specific invoice, with every difference explained.
This SOP assumes the business holds an approved business account and that the account's financial institution provides transaction records and reporting. DogPay is a digital finance and payment infrastructure platform, not the financial institution that provides the business account. The relevant institution provides and independently approves each account, and its opening documents determine the account type, holder and terms.
Step 1: Prepare the controls before the payment arrives Reconciliation fails most often because the reference data was never set up. Before the first cross-border receipt, agree the following with the finance team and confirm account-specific details with the relevant financial institution. 1. Define a unique payment reference convention and put it on every invoice. 2. Record, per customer, the expected currency, expected amount and any agreed deduction arrangements. 3. Confirm which currencies the account can receive and which payment rails apply, since actual currencies, payment rails and functions depend on the institution, account, product and jurisdiction. 4. Confirm where transaction records and reporting are accessed and how often they are available. 5. Agree ledger accounts for gross receipt, bank charges, FX gain or loss, and a suspense account for unmatched items. Completion check: a colleague who did not design the process can state, for any open invoice, the expected currency, amount and reference.
Step 2: Capture the receipt as it lands Extract the receipt details from the account's transaction records rather than from the customer's remittance advice alone. Capture the value date, amount received, currency received, sender name, sender reference, and any narrative field. Do not net or estimate at this stage. Record what actually arrived. If the customer sent a remittance advice, attach it to the receipt record so the two can be compared later. Completion check: every receipt in the period has a captured record with a value date and a source document attached.
Step 3: Match receipt to invoice and customer Match on reference first, then on customer name, then on amount. Where the reference is missing or altered, match on the combination of sender, amount and timing, and flag the match as manual. If a single receipt covers several invoices, split it across those invoices and record the allocation. If several receipts cover one invoice, record each separately and track the remaining balance. Completion check: each receipt is either matched to an invoice or placed in the suspense account with a named owner and a follow-up date.
Step 4: Explain currency conversion and deductions Cross-border receipts frequently arrive in a different currency or amount than invoiced. Break the difference into named components rather than absorbing it into one line: currency conversion effect, charges deducted in transit, and short payment by the customer. Use the account's transaction records as the evidence for what was received. For the rate applied and any charges, confirm with the relevant financial institution; do not assume a rate, fee or timing. No fee, exchange rate or speed is guaranteed. Completion check: the sum of the explained components equals the difference between the invoiced amount and the amount received, with no unexplained residual.
Step 5: Post to the ledger Post the gross receipt, the charges and the conversion effect as separate entries so the audit trail stays intact. Reference the receipt identifier and the invoice number in each line's description. Where the account offers reconciliation and reporting features, use those outputs as the supporting record, but confirm the format and availability with the institution. If the business also uses stablecoin conversion or settlement or a crypto payment gateway, note that these services are provided by DogPay affiliates to eligible customers, subject to provider terms, applicable law and geographical availability, and keep those records distinct from the business account ledger. Completion check: the ledger balance for the account ties to the institution's reported balance for the period, and each posted line traces to a receipt record.
Step 6: Close the loop and review exceptions Clear the suspense account on a fixed cadence. For each open item, record the cause, the action taken and the owner. Feed recurring causes back into Step 1, for example by tightening the reference convention or updating expected deduction arrangements. Completion check: the suspense account is reviewed and signed off each period, and recurring exception causes have a documented corrective action.
Frequently asked questions What if the customer's reference does not match our invoice? Match on sender, amount and timing, flag the match as manual, and record the reason. Confirm any account-specific identifiers with the relevant financial institution. How do we treat bank charges deducted in transit? Post them as a separate ledger line against the gross receipt rather than netting them into revenue. Confirm the charge basis with the institution. Can we reconcile directly from the platform? Available account features may include transaction records, reconciliation and reporting, but actual functions depend on the institution, account, product and jurisdiction, so confirm what your account provides. Does using DogPay mean DogPay holds our account? No. DogPay is a digital finance and payment infrastructure platform, not the financial institution providing the business account. The institution approves the account and sets its terms.
Source and verification note This article is based solely on the official DogPay product page at https://dogpay.com/hk/global-bank. No other sources were used or reviewed. Statements about account features, currencies, rails and affiliate-provided services reflect that page and remain subject to the relevant institution's and provider's terms.
Scope and limitations This is a general operating procedure, not accounting, tax or legal advice. It does not describe any specific institution's statements, cut-off times, rates or reporting formats, and no account approval, payment acceptance, fee, exchange rate, speed, coverage or business outcome is guaranteed. Businesses should confirm account type, holder, terms, currencies, rails and reporting with the relevant financial institution, and confirm affiliate service eligibility and terms with the relevant provider.
