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Bank reconciliation: the statement books itself.

Nine automatic passes match every transaction to the right invoice, supplier, loan instalment or advance payment. Whatever is left, you assign by hand. Every step is recorded in the change log.

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From bank transaction to closed invoice

The transactions come from banking, the open items from accounting. Reconciliation brings the two together.

  1. Transactions arriveDaily via FinTS account retrieval (the German online banking standard) or as a CSV bank statement. The system detects duplicates between CSV and FinTS.
  2. Nine passesReconciliation checks reference number, amount and payment reference, among other things, against open invoices and known payments.
  3. Matches bookedThe payment is booked, the invoice closed and the receipt linked. Payments with early payment discount are booked as discount.
  4. The rest by handWhatever the passes cannot match with certainty, you assign manually. That is recorded in the change log too.

What reconciliation matches

Not just customer payments. Recurring outgoings find their counterpart too.

  • InvoicesIncoming payments close the open sales invoice. If payment does not arrive, you send a reminder at the push of a button.
  • SuppliersTransfers to suppliers are recognised and assigned to the incoming invoice.
  • Loan instalmentsThe instalment is automatically split into repayment and interest from the bank statement.
  • Utility instalmentsThe system recognises rent, insurance, subscriptions and electricity as recurring expenses and assigns them to accounts automatically.
  • Discounted paymentsIf a customer deducts an early payment discount, reconciliation recognises the reduced amount and books the difference as discount. With fast discount collection, this works even if you submit the direct debit late.
  • Three matching typesExact matching, matching with tolerance and manual matching. All three are recorded in the change log.

One feature, two perspectives

From the accounting side
The open items list maintains itself. Receivables from dunning in order management flow automatically into accounts receivable, and reconciliation closes them as soon as the money arrives.
From the banking side
Account retrieval delivers the transactions without you opening the bank portal. The system shows pending transactions if the bank provides them, separate from accounting. View-only accounts are left out entirely.

Related

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