Benefits of Integrating Transaction Matching with Reconciliation Compliance

Integrating Transaction Matching with Reconciliation Compliance minimizes the time and effort required to prepare period-end reconciliations.

Transactions are loaded into Transaction Matching at regular intervals and then matched. Typically, both the loading and matching of transactions is automated. Account Reconciliation calculates the transaction totals each time transactions are loaded. This enables you to resolve unmatched transactions as soon as they are loaded. At the end of the period, when balances are loaded, the reconciliation can be prepared with minimal effort because matching and verification has already been performed at regular intervals during the period.

Without Transaction Matching, you would typically load balances at the end of the period. Any differences would need to be reconciled or explained at this time. However, determining the source or cause of differences at this stage is time-consuming and complex.

For example, assume that at the end of a period, there is a difference of $10000. The Preparer needs to drill down and look through all the transactions to verify the cause of this difference. However, if Transaction Matching was used to load and match transactions at regular intervals, you would not see such a large difference at the end of the period because any unmatched transactions would have been marked as Supported or In-Transit as and when they were loaded.