Auto-reconciliation of bank/payment platform transactions

Purpose

1.1. Automate the reconciliation of financial transactions between bank accounts and payment platforms for casket service providers, ensuring all payments, refunds, and charges match invoices, reduce manual checks, and streamline accounting workflows.
1.2. Automating the cross-verification of deposits and withdrawals, eliminating errors linked to manual data entry, and generating real-time reconciliation reports for management and compliance.
1.3. Automate recognition of mismatched or suspicious transactions and initiate automated alerts or further tasks for review.
1.4. Support automated batch processing, transaction categorization, and ledger mapping to automate full financial reporting cycles.

Trigger Conditions

2.1. New transaction recorded in connected bank account or payment gateway.
2.2. Automated schedule (e.g., nightly, weekly) for batch reconciliation tasks.
2.3. API event of completed payment, refund, or charge on payment platform.
2.4. Import/upload of financial statements or transaction CSV file from accounting team triggers automation sequence.

Platform Variants

3.1. QuickBooks Online
• Feature/Setting: API → “List Bank Transactions”, “Match Receipts” endpoints; automate transaction fetch and automated matching.
3.2. Xero
• Feature/Setting: API → “Bank Statements” and “Bank Transactions” endpoints; configure automation to auto-match entries against invoices.
3.3. PayPal
• Feature/Setting: REST API → “List transactions”, “Balance” endpoints; automate fetching and reconciliation with casket invoicing ledgers.
3.4. Stripe
• Feature/Setting: API → “Balance Transactions” webhook; automate reconciliation as payments/charges settle.
3.5. Plaid
• Feature/Setting: Transactions API; automate fetching new transactions from multiple institutions.
3.6. Square
• Feature/Setting: “ListPayments” and “ListTransactions” endpoints; automate reconciliation upon payment completion.
3.7. Sage Intacct
• Feature/Setting: “Bank Reconciliation” API; automate batch transaction sync and ledger reconciliation.
3.8. FreshBooks
• Feature/Setting: API → “List Payments”, automated match with accounting entries.
3.9. Zoho Books
• Feature/Setting: API → “Bank Transactions”, automate mapping to sales/purchase records.
3.10. Netsuite
• Feature/Setting: SuiteTalk “transaction” and “bankReconciliation” operations; automate scheduled reconciliation jobs.
3.11. Oracle Fusion Cloud
• Feature/Setting: REST APIs for “Bank Statement Reconciliation”; automate matching/importing/payment events.
3.12. SAP S/4HANA Cloud
• Feature/Setting: “Bank Statement Processing” API; automate loading and matching of bank data.
3.13. Wave Accounting
• Feature/Setting: Transaction Retrieval API; automate match with invoice/payment records.
3.14. Wise Business (formerly TransferWise)
• Feature/Setting: API → “Get Statement” endpoint; automate reconciliation on fund movements.
3.15. Monzo Business
• Feature/Setting: API → “Transactions” endpoint; automate export and reconciliation.
3.16. Revolut Business
• Feature/Setting: API → “Get Transactions”; automate fetching and batch reconciliation for casket orders.
3.17. HSBCnet
• Feature/Setting: File download API; automate statement import and cross-reference with accounts.
3.18. Barclays NetConnect
• Feature/Setting: Real-time transaction API; automate periodic automated matching to internal ledgers.
3.19. Intuit (Bank Feeds)
• Feature/Setting: Automated feeds; automate reconciliation with categorized business expenses and payments.
3.20. FIS
• Feature/Setting: API → “Payment Gateway Reporting”; automate reconciliation reporting for large volume transaction flows.
3.21. J.P. Morgan Access
• Feature/Setting: API → “Retrieve Account Transactions”; automate batch download and matching.
3.22. Citibank APIs
• Feature/Setting: API → “Account Transactions”; automate export and reconciliation for global accounts.

Benefits

4.1. Automates time-intensive manual reconciliation and minimizes accounting errors.
4.2. Initiates real-time automation for exception reporting and strengthens compliance.
4.3. Automatedly increases financial transparency, enabling faster closing cycles.
4.4. Accelerates automated matching, saving substantial back-office resources.
4.5. Automating multi-bank integration reduces complexity and risk of missed anomalies.
4.6. Automator-driven processes improve scalability as transaction volume grows.
4.7. Automated alerts enable immediate response to unmatching or suspicious activity.