Transaction matching is a powerful feature that enables companies to automate the preparation of reconciliations involving high volumes of transactions. It simplifies and streamlines the process, reducing manual efforts and saving time. This functionality seamlessly integrates with the tracking features within Reconciliation Compliance, enhancing overall efficiency and risk management.

Here is an overview of the setup tasks performed by an Administrator to leverage transaction matching:

1. Create Calendars: Calendars are used to define the periods or timeframes for which reconciliations are performed. Administrators can create calendars based on their organization’s specific requirements, such as monthly, quarterly, or annual periods.

2. Create Reconciliation Types: Reconciliation types categorize and define the different types of reconciliations that need to be performed. Examples of reconciliation types could include bank reconciliations, supplier reconciliations, or intercompany reconciliations. Administrators create these types based on the specific needs of their organization.

3. Define Data Sources: Data sources refer to the systems or databases from which the transaction data is retrieved for reconciliation. Administrators need to define and configure the data sources that will be used in the matching process. This may involve connecting to internal financial systems, external bank interfaces, or other relevant sources.

4. Define Matching Rules: Matching rules define the criteria for automatically identifying and matching transactions across different data sources. Administrators set up these rules based on specific attributes such as transaction amounts, dates, reference numbers, or customer/supplier names. Matching rules help the system identify potential matches between transactions, reducing the need for manual intervention.

5. Create Reconciliations: Administrators create reconciliations based on the defined reconciliation types and matching rules. This involves specifying the accounts or data sources involved in the reconciliation, selecting the appropriate matching rules, and configuring any additional settings or parameters.

By performing these setup tasks, administrators enable the system to automate the reconciliation process. The system will then automatically match transactions based on the defined rules, flagging any exceptions or discrepancies for further investigation. The results of the matching process can be seamlessly integrated into the tracking features within Reconciliation Compliance, providing comprehensive visibility and control over the reconciliation process.

Overall, leveraging transaction matching within the Reconciliation Compliance module saves time, improves quality, and reduces the risk associated with high-volume reconciliations. It enhances efficiency by automating labor-intensive tasks and provides a robust framework for managing and tracking the reconciliation process.