Bank reconciliation with received payments

Purpose

1.1. Automates the matching of received payments from customers against sales invoices in accounting ledgers to relieve staff from manual reconciliation.
1.2. Ensures all received funds from egg product sales are tracked and reconciled automatedly, reducing errors and preventing revenue loss.
1.3. Automating reconciliation expedites monthly closes, streamlines wholesale account management, and provides up-to-date cash flow visibility.
1.4. Enables finance teams in the agriculture/egg wholesale sector to proactively detect discrepancies and automate alert generation for unallocated/unknown bank credits.

Trigger Conditions

2.1. Automated detection of new incoming payment transactions within linked bank accounts.
2.2. Automated upload or creation of customer payment receipts or remittance advice.
2.3. Automated change in invoice status (e.g., marked as paid) within accounting platforms.
2.4. Scheduled automated jobs running at set intervals (hourly, daily).
2.5. Automated error or mismatch exception detection for manual review triggers.

Platform Variants

3.1. Xero
• Feature/Setting: Bank Reconciliation API – Configure automatic bank statement imports and match payments against sales invoices.
3.2. QuickBooks Online
• Feature/Setting: Bank Transactions API – Automate bank feed imports and auto-match rules for received payments.
3.3. Sage Intacct
• Feature/Setting: Bank Reconciliation Module – Automatedly pull bank transactions and reconcile with AR ledgers.
3.4. FreshBooks
• Feature/Setting: Payments API – Automates fetching customer payments for invoice matching.
3.5. Zoho Books
• Feature/Setting: Bank Feeds API – Automates real-time payment imports and reconciliation logic.
3.6. Microsoft Dynamics 365 Finance
• Feature/Setting: Bank Management Module – Automate auto-matching received funds to invoices.
3.7. SAP Business One
• Feature/Setting: Bank Statement Processing – Automator for periodic reconciliation jobs.
3.8. Oracle NetSuite
• Feature/Setting: Bank Reconciliation SuiteApp – Automate matching logic for wholesale payments.
3.9. Stripe
• Feature/Setting: Payouts API – Automate recognizing Stripe settlement entries and mapping to invoices.
3.10. Plaid
• Feature/Setting: Transactions Endpoint – Automate bank transaction fetching for reconciliation.
3.11. Revolut Business
• Feature/Setting: Webhooks + API – Automate triggers for received payments and ledger posting.
3.12. PayPal
• Feature/Setting: Transaction Search API – Automates pulling of received payments for ledger matching.
3.13. Wise (TransferWise)
• Feature/Setting: Account Statement API – Automator for extracting credits and reconciling.
3.14. HSBCnet
• Feature/Setting: Bank Statement Integration – Automates delivery of daily credits for reconciliation.
3.15. Monzo Business
• Feature/Setting: API Webhooks – Automate payment received notification and data export.
3.16. Pleo
• Feature/Setting: Transactions API – Automates reconciliation of customer funds with invoices.
3.17. Scoro
• Feature/Setting: Banking Module API – Automator for transaction import and auto-reconciliation.
3.18. MYOB
• Feature/Setting: BankFeeds API – Import credits and automate AR matching.
3.19. Odoo
• Feature/Setting: Automated Bank Statements – Configure rules for payment-to-invoice reconciliation.
3.20. KashFlow
• Feature/Setting: Bank Feeds Integration – Automated import and matching workflow setup.

Benefits

4.1. Automates tedious bank reconciliation, saving significant man-hours in egg supply wholesale accounting.
4.2. Reduces reconciliation errors and mismatch risks through automation.
4.3. Ensures real-time visibility and control over bank credits, strengthening farm to table payment security.
4.4. Supports compliance by maintaining automated reconciliation logs for auditors and stakeholders.
4.5. Enables automated alerts and exception reports for prompt action on anomalies or unallocated payments.
4.6. Increases operational efficiency and scales as transaction volume grows, automating workflows seamlessly.