Transaction accounting auditing approach and system therefor

• US 20050278221A1
• Filed: 05/03/2005
• Published: 12/15/2005
• Est. Priority Date: 06/09/2004
• Status: Active Grant

• Current Assignee: Syncada LLC (US Bancorp)
• Original Assignee: Syncada LLC (US Bancorp)
• Inventors: Hahn-Carlson, Dean W., Suits, David A., Beck, Elizabeth A.
• Granted Patent: US 7,574,386 B2
• Time in Patent Office: Days
• US Class Current: 705/16
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Accounting data is classified to facilitate transaction processing and management. According to an example embodiment, data based rules are implemented for classifying transaction-related data into accounting categories. Accounting information is processed as a function of the data based rules and accordingly automatically classified. This processing involves, for example, the identification of particular data based rules to apply to the accounting information, applying the rules and processing the information accordingly.

Claims

1. In a transaction payment system adapted to audit a transaction as a function of contract terms agreed to by a buyer of merchant offerings and a seller of the merchant offerings, a method comprising:

auditing transaction data for the transaction, as recorded on behalf of one of the buyer and the seller, against line-item-accounting-classification rules provided by said one of the buyer and the seller.

2. The method of claim 1, prior to auditing against line-item-expense-classification rules, further comprising:

authorizing payment for the transaction as a function of the transaction data and the contract terms.

3. The method of claim 2, prior to authorizing payment for the transaction, further comprising:

associating the transaction data with at least one of the buyer and the seller, and in response to the associating, selecting the contract terms used in authorizing payment.

4. The method of claim 3, prior to auditing transaction data and after associating the transaction data, further comprising:

recording the transaction data on behalf of and in association with said at least one of the buyer and the seller.

5. The method of claim 4, wherein recording the transaction data on behalf of and in association with said at least one of the buyer and the seller includes recording transaction data from a transaction-based document under a general accounting code associated with at least one of the buyer and the seller, and wherein auditing transaction data against line-item-accounting-classification rules provided by said one of the buyer and the seller includes classifying transaction data including line-item transaction data by associating said line-item transaction data from the transaction-based document with a line-item accounting classification.

6. The method of claim 1, wherein auditing transaction data against line-item-accounting-classification rules provided by said one of the buyer and the seller includes, for each line item in said transaction data, classifying the line-item transaction data under a line-item accounting classification as a function of the line-item-accounting-classification rules and the type of accounting data in the line item.

7. The method of claim 6, wherein classifying the line-item transaction data under a line-item accounting classification as a function of the line-item-accounting-classification rules and the type of accounting data in the line item includes processing alphanumeric type line item identification in accordance with the line-item classification rules to identify the type of accounting data in the line item.

8. The method of claim 6, wherein classifying the line-item transaction data under a line-item accounting classification as a function of the line-item-accounting-classification rules and the type of accounting data in the line item includes processing a merchant offerings code in the line item identification in accordance with the line-item classification rules to identify the type of accounting data in the line item.

9. The method of claim 6, wherein classifying the line-item transaction data under a line-item accounting classification as a function of the line-item-accounting-classification rules and the type of accounting data in the line item includes processing a universal product code (UPC) in the line item identification in accordance with the line-item classification rules to identify the type of accounting data in the line item.

10. The method of claim 1, further comprising storing the audited transaction data in association with an accounting classification as a function of the auditing.

11. The method of claim 1, further comprising monitoring changes to the line-item-accounting-classification rules.

12. The method of claim 11, further comprising monitoring a user ID associated with a user implementing changes to the line-item-accounting-classification rules.

13. The method of claim 11, further comprising storing the line-item accounting-classification rules and wherein monitoring changes to the line-item accounting-classification rules includes monitoring changes to the stored line-item accounting classification rules.

14. The method of claim 1, further comprising storing the line-item accounting-classification rules and restricting access to the stored line-item accounting-classification rules.

15. The method of claim 14, wherein restricting access to the stored line-item accounting-classification rules includes granting access for modifying the stored line-item accounting-classification rules as a function of a security condition associated with a user for which access is to be granted.

16. In a transaction processing system for automatically auditing and facilitating payment for a multitude of transactions involving different transaction parties, a method for classifying line-item entries in transaction-based documents characterizing merchant offerings between transaction parties subject to a contract, the method comprising:

associating a transaction-based document with a transaction party as a function of a user profile for the transaction party and information in the transaction-based document;

authorizing payment for line-item entries in the transaction-based document as a function of business rules for the associated transaction party, the line-item entries and the contract; and

for each line-item entry in the transaction-based document, in response to payment being authorized for the line-item entry, assigning an accounting classification code to the line item accounting data as a function of the line item accounting data and business rules for the associated transaction party, and storing data including a payment amount representing the line-item entry in association with the assigned accounting classification code.

17. The method of claim 16, wherein storing data including a payment amount representing the line-item entry in association with the assigned accounting classification code includes posting the payment amount to a General Ledger Chart of Accounts, for the transaction party, under an account to which the assigned accounting classification code applies as defined by the transaction party'"'"'s business rules.

18. The method of claim 16, further comprising:

storing accounting classification data with the business rules as defined by an authorized user authorized by the associated transaction party; and

controlling user access to the stored accounting classification data as a function of authentication information provided by a user seeking access.

19. The method of claim 16, wherein assigning an accounting classification code to the line item accounting data as a function of the line item accounting data and the business rules for the associated transaction party includes comparing information in the line item accounting data to matching criteria in the business rules and, in response to the comparison meeting selected matching criteria, identifying an accounting classification code that matches the line item accounting data and assigning the identified accounting classification code to the line item accounting data.

20. The method of claim 19, wherein comparing information in the line item accounting data to matching criteria in the business rules includes comparing information that characterizes a type of merchant offering, to which the line item accounting data applies, to matching criteria identifying the type of merchant offering.