1. Reconciling Accounts with Account Reconciliation
  2. Reconciling Accounts in Transaction Matching
  3. Confirming Suggested Matches

11 Confirming Suggested Matches

After the auto match process has run, your next step would be to confirm suggested matches. Let's follow an example through the process using an Intercompany reconciliation.

Note:

Having a large number of potential ambiguous matches can significantly slow down the auto matching process. Consider using one of the following techniques to improve performance:

  • Reduce ambiguity by adding new data source attributes in the rule condition that can uniquely identify each match.
  • Add a 1 to 1 rule at the first position, before the Many to Many rule.

To start confirming suggested matches:

  1. From Home, select Matching.

  2. Select a reconciliation, then in Actions, select Open.

    The reconciliation name is displayed at the top-left. Adjacent to the name is a drop-down list that displays the match process that is currently selected. This list contains the match processes available for the reconciliation. Account Reconciliation remembers the match process selection when you leave this page and subsequently return. This functionality is available in the Overview, Suggested Matches, Unmatched Transactions, Matches, and Adjustments tabs.

    The following image shows the Overview tab. You can view a chart showing the current number of unmatched transactions across both data sources, an open adjustments pie chart, and a balancing panel overview.


    screenshot of Reconciliation overview tab showing intercompany reconciliation

    The Unmatched transactions chart shows:

    • Suggested matches means that they were matched by the auto match process since the match rule was configured to not automatically confirm the match. Therefore, user action is required.
    • Unmatched transactions means that they are not part of any match group.
    • Supported transactions means that a user had previously flagged the transaction as legitimately outstanding (for example, to account for timing differences that are appropriate at a specific point in time).

    The Open Adjustments chart shows the number of adjustment transactions created through the auto match process or by a user during interactive matching, where the adjustment remains outstanding. Adjustments are typically used when action must be taken to correct a difference in one of the sources. While the adjustment remains open, it’s accounted for on the Balancing report and helps explain differences between the source balances. Once it has been marked as closed, it’s assumed to have been corrected in the source balance and is no longer reflected in balancing. The pie chart distinguishes between the various adjustment types.

    Note:

    To view longer transaction type names, hover over the transaction type name to see the full length displayed.

    The Balancing Panel shows how the sources reconcile as of the selected date. Any difference in the data source balances should be accounted for as either an open Adjustment, or as a legitimate timing difference in the Supported section. The goal when balancing is to have an Unexplained Difference of zero.

  3. Click icon for suggested matches ( Suggested Match ) tab.


    screenshot of suggested matches

    For a Number attribute, the value displayed is based on the precision set when defining the attribute. The balancing attribute uses a precision that is inherited from the currency code of the default currency in the lowest currency bucket that is enabled for the Profile.

  4. Review the suggested matches one at a time and do one of the following for each one:

    • Click the Confirm to confirm the match and remove it from the unmatched transaction queue.

      Notice that the Accounting Date shows the current date. This date is set as the Adjustment Accounting Date for the adjustment. See Setting Up Service Time Zone and Due Dates in Setting Up and Configuring Account Reconciliation for additional information about how the Transaction Matching Adjustment Cutoff Time setting impacts the accounting date.

    • Click Discard to reject the match. It gets removed from the queue and the transaction will revert to a status of "unmatched" and will be available for manual matching

  5. Optionally, you can add a comment.
  6. Optionally, you can add a file attachment by browsing to the file and click Open.

    Note:

    The option to upload a file as an attachment is visible only if the Prevent File Upload option is not selected in the format that is associated with this reconciliation.
  7. After you are done with all the suggested matches, you can move on to making manual matches.

Note:

Reviewers and Viewers can also view the Suggested Matches tab in "read only" mode which is especially helpful to view the details of transactions that are marked as Supported and see the comments and attachments by the Preparer without making changes.

Watch Confirming Suggested Matches Video

Click this link to watch the video:

Confirming Suggested Matches video link