Matching Bank Transactions to invoices

To accommodate different workflows and allow you increased flexibility when working with your incoming documents and reconciling your bank accounts, we have separated the auto-matching options so that you can choose to auto-match all types of documents or only invoices for example.
Read more about automatic matching of payments to journals and drafts, as well as matching transactions to templates.

Under Banking - Process transactions, Briox matches transactions to invoices, only if the matches are 100% certain (marked in green in the lists). We also suggest possible matches (marked yellow) so that you can verify and make changes to them before approving the matches, these can be part payments for example.

The colour code is as follows in the list, in colour as well as in full text:

• Complete match (green)
• Match with a discrepancy (yellow)

If reference numbers are missing, we also offer a quick settings where you can enter matching parameters. We also enable the creation of a list of matching names for the cases where the name of the company invoiced is different from the name that appears on the payment. 

 

Contents

• Activate automatic matching
• Activate automatic matching in the absence of a reference number
• Parameters for automatic matching
• Parameters for matching in the absence of a reference number
• Name match list
• User rights
• Flow chart

 

Activate Automatic matching 

Automatic matching is activated under Accounting - Banking - Import bank statement.

These automatic matching settings affects the account statement import only.

Activate matching payments based on reference numbers

Automatically suggest matches for invoices on reference numbers turns on the matching of customer and supplier invoices and payments imported with the account statement, with the help of reference numbers.

This setting is turned on as default in new accounts

If you are working with incoming reference payments, these are always automatically matched at import.

To further automate your workflow you can allow Briox to:

• Manage deviations created by reminder fees automatically.
• Create rules allowing Briox to automatically take care of deviations when matching invoices and bank transactions.

Activate matching payments in the absence of a reference number

If you want to turn on the possibility to carry out "payment matching without reference number", You need to do so under the section for Automatic matching setting. See below.

This activation affects ONLY payments that do not have a reference number and would normally not be matched. This "matching according to your settings" is an addition to automatic matching on reference number:

 

Parameters for automatic matching of payments with reference numbers:

Payments with reference numbers should be matched if and only if:

For suppliers payments:

• The reference number and the IBAN are an exact match
• The match is highlighted in green in the list if the amount also matches exactly -> full payment
• The match is highlighted in yellow if there is a discrepancy in the amount -> partial payment

For payments from customers:

• The reference number is an exact match
• The match is highlighted in green in the list if the amount also matches exactly -> full payment
• The match is highlighted in yellow if there is a discrepancy in the amount -> partial payment

If there are several reference numbers that are identical for either customer or supplier invoices then:

• Look at the sum -> It needs to also be an exact match
• Then look at the date to be able to match invoices in the correct order.
  If these criteria are fulfilled then the match is marked in yellow. 

 

Parameters for matching in the absence of a reference number 

If you also want payments without reference numbers to be matched, select which parameters the matches are to be made on.

The matching parameters are:

• Invoice number 
  
  and/ or
  
  
• Customer / Supplier name
  • Date / days discrepancy
  • Amount 

See below.

When matches are made without reference number the following background checks are also made for a match to be possible:

The sign of the number:

• The amount in the transaction must be POSITIVE to be matched to a customer invoice.
• The amount in the transaction must be NEGATIVE to be matched to a supplier invoice.

The IBAN:

• As when matching on Reference number the system always checks for a match on the IBAN in the registry for the supplier

A name match without reference number is matched only if:

• All three conditions are matched without discrepancies -> Green =100% on all parameters
• If there is a discrepancy within the frame given in the settings , this is on one, two or all three parameters: Yellow
• If any one of the three conditions fail -> No match.

 

Customer / Supplier name

The customer name is a match:

• Regardless of Capital letters,
• Regardless of the company short forms in Finland: Ab, Oy, Ay, Oyj, Ky, osk and Tmi (or T:mi)

for example:

In Briox we have  -> On the payment we have

The book store Oy -> THE BOOK STORE
The book store Oy ->The book store
The book store Oy ->The Book Store
The book store Oy ->The book Store Oy
The book store Oy ->The book store AB
The book store Oy ->AB the book store Oy

The customer name is NO match if for example:

• TheBookstore -> no match (word typed together)
• Book Store Oy -> No match (missing “the”) as a word in the name is missing.
• The Bok store -> Misspelled is no match

 

Date / days discrepancy

In the date field, enter the maximum number of days discrepancy between the payments date on the Briox invoice and that from the bank. A maximum of 90 days is allowed.

 

Amount - + / - 

Enter a certain sum which is the maximum discrepancy allowed between the sum of the invoice and that of the payment - in base value (EUR/GBP). For example this can be the same sum as the reminder fee charged by the company or any kind of a usual discrepancy that occurs.

 

Creating the Match list:

 

When discrepant customer names are matched manually, the user gets a question if they wants to save the match? If you answer yes, the program remembers the match and matches them automatically next time.

When a match has been created it is automatically placed in the Customer / Supplier name match rules list under the section for Automatic matches in the main view under Banking- Import Bank Statements. See above

From this table the user can:

• Get an overview of all the matches in use
• See who created the matches
• Delete the match

 

User Rights 

The possibility to turn on automatic matching, as well as activate and enter manual settings for transaction matching, are both governed by the following user rights which must be checked under Accounting Access Rights:

Under Banking -> Work with banking

Under Supplier invoices -> Register and Post Payments

 

Flow Chart

 

 

Matches can also be created based on your banking templates.