Using Transaction Matching, companies can automate preparation of high volume, labor intensive reconciliations and seamlessly integrate those results into the tracking features within Reconciliation Compliance.
This powerful new module will save companies additional time on performance of reconciliations, while improving quality and reducing risk.
Transaction Matching functionality is provided to licensed users of Transaction Matching for Account Reconciliation, and is an optional licensed feature for Account Reconciliation.
At a high level, an Administrator performs these set up tasks for Transaction Matching:
- Create match types
- Define data sources
- Work with transaction types
- Define the matching process
- Create formats
- Define profiles
For details on setting up Transaction Matching, see Setting Up Transaction Matching
Once the set up tasks are done, an Administrator can perform these tasks so that users can perform the matching function:
- Create reconciliations
- Import data
- Run auto match
|Match Type (created by Administrators)||
Match Types determine how the transaction matching process will work for the accounts using that match type. They determine the structure of the data to be matched, as well as the rules used for matching.
Companies can have many different match types. For example, Intercompany Accounts, Bank Accounts, Accounts Receivable, Accounts Payable, and various Clearing Accounts can benefit from transaction matching. Since the data structure and matching rules are likely to be different for each of these types of accounts, companies would create a match type for each.
Additionally, you can use match types to be able to export adjustments back to an ERP system as journal entries in a text file.
Depending on your company's needs, you may want to define one or more data sources. For example you might want to:
For each data source, define the attributes (columns) existing in the data source, as well as any calculated attributes used for data enrichment or normalization purposes.
|Timing and Frequency||Transaction Matching supports a variety of workflow
–Matching and balancing daily
–Matching daily and balancing monthly
–Matching and balancing monthly
|Matching Rules||Match rules determine how matches are made. Rules can be
configured for tolerance ranges on dates and amounts, and
adjustments can be automatic when variances exist.
The common matching rule types are supported:
User Workflow Process Using Transaction Matching
Once the administrator creates the reconciliations, loads data and runs the auto match process, the user performs these tasks:
- Confirm suggested matches
- Create manual matches
- Run balancing reports
Sample Application Available
To help a Service Administrator learn more about Account Reconciliation, you can create a sample application when you first start your service. See Creating an Application.
Tour of Account Reconciliation Video
Click this link to watch a video: