Automated reconciliation of bank transactions

Purpose

 1.1. Enable real-time or scheduled matching of bank transactions with accounting entries to reduce manual errors.
 1.2. Streamline the financial close process, ensuring accuracy in accounts payable, receivable, and general ledger for HVAC filter suppliers.
 1.3. Detect and flag discrepancies instantly for review, contribute to timely financial reporting, and compliance for wholesale operations.

Trigger Conditions

 2.1. Bank statement file upload or receipt of bank statement via API/webhook (daily/weekly).
 2.2. Scheduled accounting reconciliation cycle (e.g., end-of-day).
 2.3. Detection of new transaction in bank feed.
 2.4. Manual initiation by finance staff for ad-hoc matching.

Platform Variants

 3.1. QuickBooks Online
  • API: BankFeeds.get / Transactions.create; set API call schedule for nightly imports and reconciliations.
 3.2. Xero
  • Endpoint: GET /banktransactions, POST /reconciliation; configure webhook for incoming transactions.
 3.3. Sage Intacct
  • Function: Bank Reconciliation module API; schedule daily import job and reconciliation run.
 3.4. NetSuite
  • SuiteScript: getBankTransactions(); schedule script execution post-bank file import.
 3.5. FreshBooks
  • API: bank_accounts/list, bank_accounts/transactions; configure OAuth for recurring sync.
 3.6. Zoho Books
  • Endpoint: /banktransactions, /bankreconciliation; use scheduled workflows for updates.
 3.7. MYOB
  • Endpoint: GET /banking/transactions; set up automation for recurring bank feed checks.
 3.8. Wave Financial
  • API: /transactions, /reconciliation; trigger nightly upon new statement arrival.
 3.9. Microsoft Dynamics 365 Business Central
  • API: financials/bankAccounts, /reconciliation; set Power Automate trigger on new data.
 3.10. SAP S/4HANA
  • Integration: Bank Statement API; scheduled ABAP job for reconciliation execution.
 3.11. Oracle Fusion Cloud
  • Feature: AutoReconciliation REST API; schedule reconciliation process in Financials Cloud.
 3.12. Plaid
  • Endpoint: /transactions/get; event-driven triggers on new data arrival.
 3.13. Yodlee
  • API: dataTransactions.get; polling for statement updates.
 3.14. Stripe
  • API: /balanceTransactions, /bankAccounts; webhook trigger for payout events.
 3.15. PayPal
  • API: TransactionSearch, /reconciliation; event-driven sync using new-transaction webhooks.
 3.16. Pleo
  • Endpoint: Transactions API; triggers based on posted expenses to link in accounting software.
 3.17. Expensify
  • API: BankReconciliation, /transactions/report; scheduled exports to finance apps.
 3.18. Bill.com
  • API: ListTransactions, InitiateReconciliation; set automation post-payment batch processing.
 3.19. Revolut Business
  • Endpoint: GET /transactions; webhook notification setup for new transaction events.
 3.20. Wise (formerly TransferWise)
  • API: /statement, /bank-feed; configure recurring export and import to accounting suite.

Benefits

 4.1. Reduces manual workload and human error in reconciling high-volume wholesale transactions.
 4.2. Accelerates monthly and quarterly financial closing for HVAC filter suppliers.
 4.3. Improves accuracy in detecting missing or duplicate entries.
 4.4. Enables near real-time financial visibility and proactive cashflow management.
 4.5. Ensures timely compliance with audit requirements by maintaining accurate records.