Transaction Matching Terminology
The following table describes key concepts related to Transaction Matching.
| Concept | Description |
|---|---|
| Match Type (created by Administrators) |
Match Types determine how the transaction matching process will work for the accounts using that Reconciliation Type. They determine the structure of the data to be matched, as well as the rules used for matching. Companies can have many different Reconciliation 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 Reconciliation Type for each. |
| Data Sources |
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
needs:
–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:
|