Finance & Account ReconciliationPurpose
1. Automate the comparison of company bank statements with internal accounting records to identify discrepancies, ensure the accuracy of accounts, and accelerate month-end closing.
2. Reduce manual effort, human error, and processing time in high-volume aggregate supplier wholesale environments.
3. Enable real-time visibility into unmatched transactions, boost compliance, and support cash flow management.
4. Centralize reconciliation logs for audit trails and financial reporting.
Trigger Conditions
1. Scheduled trigger upon receipt of daily electronic bank statements (e.g., MT940, CSV, or PDF).
2. When new accounting transactions are posted in ERP/accounting systems.
3. Manual trigger upon finance team’s request for ad-hoc reconciliation.
4. When unreconciled variances or exception thresholds are detected.
Platform Variants
1. QuickBooks Online
- Feature/Setting: "Bank Feeds" API — connect financial institution for auto-import of statements; webhook for new transactions.
2. Xero
- Feature/Setting: "Bank Statement Imports" API — schedule import and reconciliation events via API endpoints.
3. Sage Intacct
- Feature/Setting: "Bank Reconciliation" API — configure scheduled bank data sync and reconciliation jobs.
4. Oracle NetSuite
- Feature/Setting: "Bank Statement File Imports" — use SuiteScript for custom reconciliation execution.
5. SAP Business One
- Feature/Setting: DI API — automate "Bank Statement Processing" module with incoming statement triggers.
6. Microsoft Dynamics 365 Finance
- Feature/Setting: Data Management — automate import and compare using "Bank reconciliation journal" APIs.
7. Zoho Books
- Feature/Setting: "Bank Feeds" API — enable auto-fetch and reconciliation via API push events.
8. FreshBooks
- Feature/Setting: "Bank Imports" API — configure auto-sync and reconciliation workflow.
9. Wave Accounting
- Feature/Setting: Transaction Import — schedule auto-import via "Bank Connections" and trigger reconciliation logic.
10. MYOB
- Feature/Setting: Essentials BankFeeds API — configure polling or webhook triggers, auto-reconcile endpoint.
11. KashFlow
- Feature/Setting: "Bank Feeds Integration" — set up automatic fetch and matching routines.
12. FreeAgent
- Feature/Setting: Bank Transactions API — poll for new entries and trigger reconciliation pipeline.
13. Oracle Fusion Cloud
- Feature/Setting: "Bank Statement and Reconciliation Automation" REST API.
14. BlackLine
- Feature/Setting: Reconciliation API — configure automated statement ingestion and auto-certification process.
15. OneStream
- Feature/Setting: Data Integration API — automate pulling statements and reconcile based on rules.
16. Trovata
- Feature/Setting: API-connected bank feed — trigger reconciliation upon each new statement file.
17. Plaid
- Feature/Setting: Transactions endpoint — pull live bank transactions for reconciliation triggers.
18. Yodlee
- Feature/Setting: FastLink API — connect and sync all banks for real-time match and exception reporting.
19. Codat
- Feature/Setting: Banking API — auto-fetch bank data to accounting system for triggered reconciliation.
20. Stripe
- Feature/Setting: Balance Transactions API — fetch settlement data to automate comparison with ledger entries.
21. SAP S/4HANA
- Feature/Setting: SAP Fiori "Bank Reconciliation" — scheduled job and event-based reconciliation workflows.
Benefits
1. Reduced reconciliation cycle by 90%, freeing up staff for decision-making tasks.
2. Near elimination of manual entry errors and missed discrepancies.
3. Real-time anomaly detection and immediate escalation for resolution.
4. Complete digital audit trail for regulatory and management reviews.
5. Scalable process for aggregate businesses with high-volume transactions.