Finance & Account ReconciliationPurpose
1.2. Streamline reconciliation, minimize manual entry errors, accelerate month-end closing, and improve cash flow tracking.
1.3. Drive greater financial transparency, support compliance, and optimize accounts receivable lifecycle management.
1.4. Reduce exception handling time by flagging partial, unmatched, or excess payments for correction or investigation.
1.5. Enable real-time ledger updates and facilitate audit trails across multiple payment channels (ACH, wire, card, cheque).
Trigger Conditions
2.2. Detection of new or updated invoices in the accounting system.
2.3. Scheduled reconciliation cycles (e.g., end-of-day batch, hourly, on payment event).
2.4. Manual user request for reconciliation via finance dashboard.
2.5. Import of statement or remittance from supplier or customer portal.
Platform Variants
• Feature/Setting: API_FI_PAYMENTMATCHING endpoint; auto-match payments with open invoices with parameterized logic (amount, reference).
3.2. Oracle NetSuite
• Feature/Setting: SuiteScript 2.0; configure afterSubmit triggers on customer payment records with custom invoice-matching logic.
3.3. Microsoft Dynamics 365 Finance
• Feature/Setting: Automated Bank Reconciliation via Data Management Framework, schedule recurring data projects for bank statement import and match.
3.4. QuickBooks Online
• Feature/Setting: Webhooks for “Payment” and “Invoice” objects, then leverage /v3/company/{companyId}/payments and /invoices for reconciliation.
3.5. Xero
• Feature/Setting: Use Payments API to listen for new transactions and apply payments to invoices with /api.xro/2.0/Payments endpoint.
3.6. Sage Intacct
• Feature/Setting: subscribe to AP/AR Payment Notification in Smart Events, then use API GLDETAILS to update reconciliation.
3.7. Zoho Books
• Feature/Setting: configure PaymentsReceived API webhooks, automate POST on /customerpayments with matching logic.
3.8. FreshBooks
• Feature/Setting: Payments API, event triggers for “payment.created”, auto-update “invoice” resource with /invoices endpoint.
3.9. Wave
• Feature/Setting: Payments webhook for “payment_created”; run API match with Invoices endpoint for automated reconciliation.
3.10. Stripe
• Feature/Setting: Listen to “payment_intent.succeeded” webhook, retrieve metadata for invoice mapping, update using Invoices API.
3.11. PayPal
• Feature/Setting: IPN Notification for successful payments, then GET /v2/invoicing/invoices/{invoice_id} for linking and matching.
3.12. Plaid
• Feature/Setting: Link banking feeds, use /transactions/get for new payments, reconcile with ERP via Integrator API.
3.13. Wise (formerly TransferWise)
• Feature/Setting: Webhooks for incoming payments, cross-check with local ERP via /v1/statement endpoint.
3.14. Pleo
• Feature/Setting: Push payment data via Webhooks; use /api/v1/invoices for matching vendor payment flows.
3.15. Bill.com
• Feature/Setting: Payment Cleared webhook, update /Bills/ endpoint to reconciled state based on matching logic.
3.16. Tipalti
• Feature/Setting: Payment Reconciliation API, configure auto-match rules for invoice payment events.
3.17. Adyen
• Feature/Setting: Notification webhooks for “AUTHORISATION”; use /invoices endpoint in ERP for payment application.
3.18. Revolut Business
• Feature/Setting: Transaction webhook; run reconciliation routine referencing Invoice API.
3.19. HSBCnet (Corporate Banking)
• Feature/Setting: SWIFT MT940 bank statement retrieval API, parse records and post matches to ERP.
3.20. Tink
• Feature/Setting: Real-time Transactions API, listen for incoming payments, reconcile with Invoices Service API.
Benefits
4.2. Near-zero manual data entry, minimizing human error.
4.3. Immediate detection of discrepancies for faster resolution.
4.4. Higher processing throughput supporting business scaling.
4.5. Improved financial reporting with up-to-date ledger status.
4.6. Increased cash flow visibility for better decision-making.
4.7. Strengthened internal controls supporting audit-readiness.