The next step is automatic reconciliation. Rules are established for each individual account to set conditions under which ACCOUNTS can automatically match transactions. ACCOUNTS matching engine is an advanced set of rules to control what, how and at what intervals matching can take place. The rules can be set up to match one item with another, but it can also match many items against one and many against many. This is all so that the balance and any differences can be reported in as few items as possible. This is to minimize the time taken up by everything in the accounts system that already matches. During reconciliation, all transactions that are approved by an established rule are moved directly to “reconciled items”.
|Account ERP||balance||Account External Source (bank)||Balance||Difference||Number of open items|