Reconciliation of received payments with bank statements

Purpose

1.1. Automate the process of reconciling client payments received in bank accounts with pending or issued invoices, reducing manual effort and error in property appraisal billing cycles.
1.2. Match bank statement transactions to receivables, update accounts in real-time, and notify stakeholders of discrepancies or completions.
1.3. Enable faster, accurate financial closure and real-time payment status for improved cash flow management in appraiser services.

Trigger Conditions

2.1. New transaction entry or update detected on a linked bank account.
2.2. Creation of a new invoice or payment recorded in billing system.
2.3. Scheduled or ad hoc reconciliation request by finance team.
2.4. Notification from client or payment gateway confirming a payment has been made.

Platform Variants

3.1. QuickBooks Online
• Feature/Setting: "Bank Feeds" + "Invoice Matching"
• Configure: Enable bank sync, set up rules for auto-matching payments to invoices.
3.2. Xero
• Feature/Setting: "Bank Reconciliation API"
• Configure: Connect bank feed, automate 'Find & Match' using API for pending invoice matching.
3.3. Stripe
• Feature/Setting: "Payment Intents API"
• Configure: Poll PaymentIntent status, map payments to open invoices in appraiser system.
3.4. Plaid
• Feature/Setting: "/transactions/get" endpoint
• Configure: Automate fetching new bank transactions and forward to reconciliation logic.
3.5. FreshBooks
• Feature/Setting: Bank Import & Invoice API
• Configure: Sync bank account, cross-reference payments with invoice status updates.
3.6. Zoho Books
• Feature/Setting: "Bank Feeds", "Invoice Updates API"
• Configure: Enable bank feeds, auto-update invoice status on matching transactions.
3.7. Sage Intacct
• Feature/Setting: "Bank Transaction API"
• Configure: Fetch bank entries, automate GL entry matching with appraiser receivables.
3.8. PayPal
• Feature/Setting: "Transaction Search API"
• Configure: Poll for inbound payments, auto-update invoice system.
3.9. Wise Platform
• Feature/Setting: "Balance & Transactions API"
• Configure: Retrieve new incoming payments, sync to billing record.
3.10. Yodlee
• Feature/Setting: "/transactions" endpoint
• Configure: Fetch all transaction data, send to reconciliation logic.
3.11. Bill.com
• Feature/Setting: "Payments & Invoices API"
• Configure: Auto-match incoming payments to corresponding invoices.
3.12. Oracle NetSuite
• Feature/Setting: "Bank Reconciliation SuiteApp"
• Configure: Schedule job to run auto-match between deposit statements and AR.
3.13. SAP S/4HANA
• Feature/Setting: "Bank Statement Processing API"
• Configure: Import bank statement, invoke auto-reconciliation for open receivables.
3.14. Microsoft Dynamics 365 Finance
• Feature/Setting: "Bank Reconciliation Workspace"
• Configure: Setup scheduled import of bank records and initiate auto-matching.
3.15. Melio
• Feature/Setting: "Payment Status Webhook"
• Configure: Webhook triggers auto-update on invoice upon payment receipt.
3.16. Square
• Feature/Setting: "Transactions API"
• Configure: Pull transactions periodically, match with outstanding invoices.
3.17. Payoneer
• Feature/Setting: "API Payouts & Statements"
• Configure: Extract incoming payment entries for reconciliation checks.
3.18. Expensify
• Feature/Setting: "Bank Import"
• Configure: Import statements, auto-tag appraiser invoice numbers in records.
3.19. Pleo
• Feature/Setting: "Bank Connection"
• Configure: Sync bank movements, trigger reconciliation suggestion.
3.20. HSBCnet
• Feature/Setting: "Account Download API"
• Configure: Scheduled download of statements, parsed for payment matching.
3.21. Intuit API
• Feature/Setting: "Bank Transactions API"
• Configure: Retrieve transaction data, cross-check with billing system entries.
3.22. JP Morgan Access
• Feature/Setting: "Global Bank Reporting"
• Configure: Automated fetch statement, initiate invoice reconciliation rules.
3.23. Revolut Business
• Feature/Setting: "Transaction API"
• Configure: Listen for incoming payments, reconcile with open billing items.

Benefits

4.1. Eliminates manual reconciliation and errors, ensuring accurate, timely posting of payment records.
4.2. Provides real-time visibility into paid/unpaid invoices, accelerating cash flow for property appraisers.
4.3. Reduces staff workload, allowing finance teams to focus on exceptions only.
4.4. Enhances client satisfaction and trust due to prompt updates and fewer payment disputes.
4.5. Maintains compliance with financial audit requirements through accurate, up-to-date reconciliation logs.