Payment reconciliation between bank accounts and internal records

Purpose

1.1. Ensure accurate matching of payments in cooperative’s internal records with transactions in linked bank accounts.
1.2. Automate flagging of discrepancies, partial payments, duplicate entries, and missing inbound/outbound transactions.
1.3. Accurately generate reconciliation reports for compliance, audit, and board reporting.
1.4. Streamline settlement processes, minimize manual errors, and improve financial visibility for decision-makers and stakeholders.
1.5. Integrate cooperative member payments, supplier settlements, and grant inflows with real-time corporate account monitoring.

Trigger Conditions

2.1. Scheduled: At set intervals (e.g., nightly, weekly, monthly) according to financial policy.
2.2. Event-based: Newly posted bank transactions, batch imports, or updates in internal ERP/finance system.
2.3. On-demand: Manual execution by finance team for spot audit or urgent resolution.

Platform Variants

3.1. QuickBooks Online
• API: /bankTransactions/list, /reconcile, /payments/list
• Configure automatic data pulls and initiate reconciliation loop.
3.2. Xero
• API: GET /banktransactions, GET /reconciliationReports
• Enable daily sync and automatic report export.
3.3. Sage Intacct
• API: readByQuery (Bank Transactions, GL Journal), API: create_reconciliation
• Scheduled process, mapping statement lines to transactions.
3.4. Microsoft Dynamics 365 Finance
• Feature: Data entities for BankStatement and GeneralLedgerEntry
• Schedule Data Integrator job for nightly reconciliation.
3.5. Oracle NetSuite
• API: bankReconciliation, transactionSearch
• Automate imports and status updates in custom workflows.
3.6. SAP S/4HANA
• API: Bank Statement (GET), Journal Entry (GET), BankReconciliationBatch (POST)
• Automate Fiori app triggers with custom logic.
3.7. Zoho Books
• API Endpoint: /bankstatements, /reconcile, /bankaccounts/transactions
• Schedule batch pulls and update reconciliation status.
3.8. FreshBooks
• API: /bank_accounts/transactions, /payments, manual bank match endpoint
• Nightly task to match and flag exceptions.
3.9. Plaid
• API: /transactions/get, /accounts/balance/get
• Source bank transaction feeds and export to ERP.
3.10. Yodlee
• API: /transactions, /accounts
• Auto-sync cooperative bank feeds for matching.
3.11. Stripe
• API: /balance_transactions, /payouts
• Match deposited transactions with records for grant settlements or member payments.
3.12. PayPal
• API: /v1/reporting/transactions, /v1/payments/payment
• Download daily activity, initiate comparison.
3.13. Wise (TransferWise)
• API: /v1/profiles/{profileId}/statements, /v1/transactions
• Cross-reference multi-currency settlements.
3.14. Revolut Business
• API: /transactions, /statements
• Automate data fetch and run matching logic.
3.15. HSBCnet
• File/Feed: MT940, Direct Bank Feed
• Poll statements, map to ledger lines in ERP system.
3.16. Barclays iPortal
• API: TransactionSearch, BankStatementDownload
• Fetch new activity, process comparison batch.
3.17. Rabobank Rabo Internetbankieren Professional
• API: Transaction export, Bank statement web service
• Schedule download and matching against internal records.
3.18. SAP Business One
• DI API: GetBankStatements, GetJournalEntries
• Timed batch reconciliation for SME agricultural co-ops.
3.19. MYOB
• API: /banktransactions, /bankstatement, /bankfeeds
• Automate sync with matching feature enabled nightly.
3.20. Google Sheets (Intermediary)
• API: sheets.values.append, formulas for MATCH/VLOOKUP
• Parse statements and ledger, send flagged items to finance.
3.21. Odoo
• XML-RPC endpoints: account.bank.statement, account.move
• Nightly batch process to match and post updates.

Benefits

4.1. Eliminates manual reconciliation, reducing errors and processing time.
4.2. Provides real-time and auditable records for regulatory compliance.
4.3. Enhances transparency for cooperative boards and auditors.
4.4. Accelerates detection of fraud, missed settlements, or erroneous entries.
4.5. Scalable across multiple bank accounts, currencies, and payment processors.