Automated reconciliation of payments received with open invoices

Purpose

1.1. Automate reconciliation of payments received with open invoices to ensure accurate financial records, minimize manual intervention, and enforce financial compliance.
1.2. Automates identification of incoming payments, matches payments to open invoices by amount, date, customer, and reference, flags discrepancies, and triggers follow-up actions for unmatched or partial payments.
1.3. Automatedly generates reconciliation logs, updates receivables balances, and provides audit trails for compliance and reporting in the metal finishing corporate context.

Trigger Conditions

2.1. Automated initiation when a new payment is recorded in the banking or accounting system.
2.2. Triggered when an open invoice is created, updated, or marked overdue.
2.3. Automated when transaction notifications are received from payment processors or customer portals.

Platform variants

3.1. SAP ERP
• Feature: Payment Integration; Configure BAPI_ACC_DOCUMENT_POST for automating payment postings and matching.
3.2. Oracle Netsuite
• Feature: SuiteScript API; Automate payment matching processes using transaction and invoice scripting tools.
3.3. QuickBooks Online
• Feature: Payments API; Automate reconciliation by configuring invoice.read and payment.read endpoints.
3.4. Xero
• Feature: Bank Reconciliation API; Automate bank_feed and invoice endpoints to match transactions.
3.5. Microsoft Dynamics 365
• Feature: Finance Automation Flows; Automates payment-entry and invoice-reconciliation using Financials API endpoints.
3.6. Zoho Books
• Feature: Auto Match Payments; Automate invoice.payment_matching API for sales and receivables.
3.7. FreshBooks
• Feature: Payments Endpoint; Automates reconciliation via payment.collect and invoice.update APIs.
3.8. Stripe
• Feature: Payments & Invoices API; Automate by connecting payment_intent.succeeded webhook with invoice.paid endpoint.
3.9. PayPal
• Feature: Instant Payment Notification (IPN); Automate reconciliation by parsing IPN messages for completed payments.
3.10. Sage Intacct
• Feature: SmartEvents; Configure automated "Payment Received" trigger matched to invoice records.
3.11. Square
• Feature: Payments API; Automate event-based reconciliation using v2 payments and invoices.
3.12. Wave Accounting
• Feature: Transactions Endpoint; Automates reconciliation by fetching payments and matching them to invoices.
3.13. Odoo
• Feature: Automated Bank Reconciliation; Use account.bank.statement.line and invoice matching rules.
3.14. MYOB
• Feature: AccountRight Live API; Automate reconciliation by linking payment.getAllInvoices endpoints.
3.15. Bill.com
• Feature: Payment Matching Rules; Automates the matching of received transactions with outstanding invoices.
3.16. Salesforce
• Feature: FinancialForce Integration; Automate using Payment and Invoice objects within the financial module.
3.17. SAP Concur
• Feature: Payment Matching API; Automates reconciliation of expense payments to supplier invoices.
3.18. Intuit Payment Solutions
• Feature: Webhooks & API; Automate payment received event linked to open invoice lookups.
3.19. Zoho CRM
• Feature: Workflow Automation; Configure invoice and payment modules to trigger reconciliation actions.
3.20. Freshdesk
• Feature: Payment Events Webhook; Automate ticket generation for unmatched payments, linked to finance module.
3.21. HubSpot
• Feature: Custom Workflow Automation; Automates invoice payment status updates with finance data integration.
3.22. Plaid
• Feature: Transactions API; Automate syncing of bank feeds and trigger invoice matches on payment ID.
3.23. Mollie
• Feature: Invoices API & Webhooks; Automate payment match using payment paid webhooks and invoice paid status.

Benefits

4.1. Automates the end-to-end reconciliation process, reducing errors and manual data entry.
4.2. Enables real-time financial visibility and compliance for metal finishing operations.
4.3. Automatedly flags discrepancies, accelerating resolution timelines and preventing financial leakage.
4.4. Frees up finance teams from repetitive reconciliation tasks, boosting productivity through automation.
4.5. Improves audit readiness by keeping detailed, automated records for every reconciliation event.