Reconciliation of bank transactions

Purpose

1.1. Automate the reconciliation of bank transactions for alcoholic beverage wholesalers by integrating bank feeds, invoices, and financial records, matching payments to orders, and flagging discrepancies for review.
1.2. Eliminate manual entry, improve accuracy, speed up close cycles, and maintain real-time financial oversight.
1.3. Enable instant detection of mismatched, missing, or duplicate payments against sales and supplier documents.
1.4. Deliver automated daily, weekly, or monthly summary reports of reconciliation status for compliance and audit tracking.

Trigger Conditions

2.1. New transaction batch pulled from bank via direct API or data export.
2.2. Receipt of sales invoice confirmation or supplier bill entry.
2.3. Scheduled batch window (e.g., daily at 2:00 AM) for end-of-day processing.
2.4. Manual trigger from finance dashboard for ad-hoc reconciliation.

Platform Variants

3.1. Xero
• Feature/Setting: Bank Reconciliation API — configure to fetch bank statements, auto-match invoices.
3.2. QuickBooks Online
• Feature/Setting: Bank Transactions API — set auto-import/feed connection, invoke auto-match endpoint.
3.3. Oracle NetSuite
• Feature/Setting: SuiteBanking module — initiate reconciliation via SuiteScript triggers.
3.4. SAP S/4HANA
• Feature/Setting: Bank Statement Processing (FF.5) — use APIs to upload and auto-assign transactions.
3.5. Microsoft Dynamics 365
• Feature/Setting: Data Connector — configure Bank Management workspace for batch matching.
3.6. Plaid
• Feature/Setting: Transactions endpoint — scheduled pulls of transaction data, push into accounting ERP.
3.7. Stripe
• Feature/Setting: Balance Transactions API — auto-match payments received to sales records.
3.8. Wise (formerly TransferWise)
• Feature/Setting: Statements API — retrieve transaction history, reconcile with supplier invoices.
3.9. Brex
• Feature/Setting: Transactions API — pull all card/bank activity, match entries.
3.10. Sage Intacct
• Feature/Setting: Bank Reconciliation Module — configure periodic auto-run and report export.
3.11. FreshBooks
• Feature/Setting: Bank Connection Setup — import transactions, autolink to invoices.
3.12. Bill.com
• Feature/Setting: Sync triggers for invoices/payments; match incoming/outgoing cleared items.
3.13. Zoho Books
• Feature/Setting: Bank Feeds API — schedule sync and reconciliation automation.
3.14. Yodlee
• Feature/Setting: Transaction API — integrate live feeds into finance systems and match logic.
3.15. Adyen
• Feature/Setting: Payouts API — cross-validate payout batches with sales and bank statement entries.
3.16. Square
• Feature/Setting: Transactions API — auto-import and reconcile payment batches.
3.17. PayPal
• Feature/Setting: List Transactions endpoint — extraction and automated pairing with invoice IDs.
3.18. Revolut Business
• Feature/Setting: Transactions endpoint — auto-sync and reconciliation trigger via scheduled job.
3.19. HSBCnet
• Feature/Setting: Balance & Transactions API — direct integration to fetch and match statement entries.
3.20. JP Morgan Access
• Feature/Setting: API Direct Connect — securely import statement lines, reconciliation rule engine.
3.21. UBS E-Banking
• Feature/Setting: CAMT.053/MT940 file import via secure gateway for batch processing.
3.22. Bank of America CashPro
• Feature/Setting: Statement API — scheduled retrieval, reconcile using reference IDs.

Benefits

4.1. Cut reconciliation time from hours to minutes with automatic, rule-based matching.
4.2. Minimize errors and omissions — real-time validation reduces risk of missed transactions.
4.3. Enhance transparency and auditability with time-stamped logs and exception reports.
4.4. Free up finance staff for higher-value analysis rather than manual matching.
4.5. Reduce compliance and fraud risk via proactive discrepancy detection and alerts.