Bank transaction import and reconciliation

Purpose

1.1. Automate the secure import of bank transactions into accounting or ERP systems, ensuring all financial entries related to sales, supplier payments, and miscellaneous expenses are automatically reconciled, reducing manual effort, errors, and fraud risk.
1.2. Streamline cash flow visibility and automate daily, weekly, or monthly reconciliation of bank statements against POS, invoicing, and payment platforms.
1.3. Enable flagging and escalation of discrepancies automatically for finance team review.

Trigger Conditions

2.1. New transaction posted in retail store bank account.
2.2. End-of-day bank statement PDF/CSV file automatically uploaded or emailed.
2.3. Scheduled reconciliation interval (e.g., daily at midnight).
2.4. Manual trigger via finance user action for ad-hoc transaction sync.

Platform Variants

3.1. QuickBooks Online
• Banking API: Connects bank accounts; automate transaction fetch and reconciliation via Transactions endpoint.
3.2. Xero
• Bank Feeds API: Automates pushing transaction data and matching payments to invoices using Statements endpoint.
3.3. Sage Intacct
• Bank Transactions API: Configure for scheduled polling and automated importing into general ledger.
3.4. FreshBooks
• Bank Import: Automate bank feed connection and reconciliation via Bank Transactions endpoint.
3.5. Zoho Books
• Bank Accounts Integration: Automates fetching and processing of imported statement lines.
3.6. Wave Accounting
• Bank Connections: Automate the import and automated matching of transactions to invoices.
3.7. MYOB
• Bank Feed Setup: Automated regular sync of transaction data into ledger for reconciliation.
3.8. NetSuite
• SuiteBanking API: Scheduled imports; automated matching rules for reconciliation.
3.9. Oracle Fusion Cloud
• Banking and Cash Management module: Automate import and automated bank statement reconciliation.
3.10. Microsoft Dynamics 365
• Cash and Bank Management: Automates scheduled statement imports and reconciliation process.
3.11. SAP Business One
• Electronic Bank Statement (EBS): Automates importing and reconciling transactions via EBS module.
3.12. Odoo
• Bank Reconciliation App: Automates statement importation and transaction matching to ledger entries.
3.13. Plaid
• Transactions API: Automates pulling real-time transaction data for reconciliation workflows.
3.14. Tink
• Transactions API: Automates bank data collection and pre-matching to invoices and bills.
3.15. Yodlee
• FastLink API: Automates linking of bank accounts for direct transaction import and automated reconciliation.
3.16. Revolut Business
• Account Statements API: Automates export and scheduled sync of all transaction data.
3.17. PayPal
• Transaction Search API: Automates payment data extraction and matches to receipts or vendor bills.
3.18. Stripe
• Balance Transactions API: Automates reconciliation of all settlements and payouts to bank records.
3.19. Square
• List Payments API: Automates import of card and digital wallet transactions for reconciliation.
3.20. HSBCnet
• Balance Reporting API: Automates downloading of bank statement data and automated reconciliation.
3.21. Monzo Business
• Transaction Feed API: Automates pulling of transaction events into accounting tool for automated reconciliation.
3.22. Intesa Sanpaolo Open Banking
• Account Information Services: Automates regular download of transaction updates.
3.23. Citi Direct
• Statement Download API: Automates fetching cleared transactions into ERP for reconciliation.

Benefits

4.1. Automates data entry, saving time and eliminating manual errors in reconciliation processes.
4.2. Enables near real-time cash flow monitoring and more accurate book-keeping for aromatherapy retail operations.
4.3. Accelerates financial close processes and automates discrepancy detection for compliance.
4.4. Reduces risk by automating audit trails and automatedly flagging suspicious or duplicate transactions.
4.5. Scalability of automated workflows as transaction volumes grow for retail aromatherapy supply stores.