A big part of reconciling transactions involves matching statement and bank ledger transactions. Although this can be done manually, significant time saving can be achieved by setting up rules to enable the system to automatically match transactions.
Transactions can be matched by:
- 1 to 1: where a single statement transaction is matched to a single bank ledger transaction
- 1 to Many: where a single statement transaction is matched to a group of bank ledger transactions (or vice versa)
- Many to Many: where a group of statement transactions are matched to a group of bank ledger transactions (or vice versa)
All these match scenarios are supported by Nolan Automated Bank Reconciliation.
A Matching Rule defines how the transactions are matched an example might be match records where
Amount match exactly and Date matches exactly
This is referred to as a Match Clause <LINK>, a rule can consist of many clauses,
The clauses are 'AND'ed together therefore for a rule to achieve a match all the clauses must be true
Each rule is evaluated for EACH statement line (Or grouped statement lines)
Once a rule has been evaluated for a specific statement record, the Match Action <LINK> is performed
This will either do nothing, generate a match, or generate a new Bank Ledger transaction and match to that.
To allow 1 to Many and Many to Many matches scenarios, the transaction must first be grouped together.
Several levels of grouping are allowed on both sides (Statement and Bank Ledger)
