Transaction accounting payment and classification system and approach

• US 20050289023A1
• Filed: 05/03/2005
• Published: 12/29/2005
• 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 7,822,653 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• 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 approach 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. A transaction processing system for processing payment and classifying accounting data for a plurality of transaction parties, the system comprising:

an association processor arrangement configured and arranged to

access user profiles including information about each transaction party for controlling each transaction party'"'"'s access to the transaction processing system and for associating transaction data with a particular transaction party, and

associate received transaction data with transaction party identification data as a function of the user profiles and information in the received transaction data;

an auditing processor configured and arranged, for transaction data associated with a transaction for which payment is to be made, to

retrieve auditing rules for the associated transaction party, the auditing rules including information for authorizing payment for transaction parties,

audit the transaction data using the auditing rules, and

authorize payment for the transaction as a function of the audit; and

a classification engine configured and arranged, for received transaction data, to assign an accounting code to accounting data in the received transaction data as a function of the associated transaction party identification data, thereby classifying the accounting data.

2. The system of claim 1, further comprising:

a database adapted to receive and store the user profiles, auditing rules and classification rules for each of a multitude of transaction parties, and

wherein the association processor, auditing processor and classification engine respectively implement the user profiles, auditing rules and classification rules.

3. The system of claim 1, wherein the classification engine is configured and arranged to use accounting data classification rules for the associated transaction party to assign an accounting code to the accounting data.

4. The system of claim 3, wherein the classification engine is configured and arranged to

use the associated transaction party identification from the association processor to retrieve accounting data classification rules for the identified transaction party, the accounting data classification rules including information for classifying accounting data for the identified transaction party, and

assign an accounting code to accounting data in the transaction data as a function of the retrieved accounting data classification rules and information in the transaction data.

5. The system of claim 4, wherein the classification engine is configured and arranged to

identify, in response to and as a function of the associated transaction data, line item accounting data, and

assign an accounting code to accounting data as a function of the retrieved classification rules and information in the transaction data by assigning an accounting code to the identified accounting data for each line item as a function of the classification rules.

6. The system of claim 3, wherein the classification engine is adapted to facilitate interactive user access to accounting data as a function of security criteria associated with the user.

7. The system of claim 6, wherein the classification engine is responsive to user interactive redefinition of a previously-defined classification rule by implementing the redefined classification rule in assigning accounting codes to accounting data in received transaction data.

8. The system of claim 7, wherein the classification engine is configured and arranged to track the redefinition of the classification rule by storing information identifying an original classification rule, the redefined classification rule and the identification of the user redefining the classification rule.

9. The system of claim 7, wherein the classification engine is responsive to user interactive redefinition of a previously-defined classification rule by implementing the redefined classification rule in assigning accounting codes to accounting data in received transaction data by

receiving classification rules from the user,

storing the classification rules, and

in response to receiving transaction data that is associated with the user via the association processor arrangement, assigning an accounting code to the accounting data in the received transaction data as a function of the stored classification rules.

10. The system of claim 6, wherein the classification engine is configured and arranged to assign a new accounting code to accounting data having been previously assigned an accounting code at the direction of the user, thereby reclassifying the accounting data under a different accounting code.

11. The system of claim 10, wherein the classification engine is configured and arranged to track the assignment of the new accounting code to the accounting data by storing information identifying the accounting data, an original accounting code assigned to the accounting data, the new accounting code and the identification of the user assigning the new accounting code.

12. The system of claim 7, wherein the classification engine is adapted to facilitate interactive user access to accounting data associated with an accounting code by

authorizing a user as a function of stored user profiles and security information provided via the user, and

in response to the user being authorized, associating an accounting code with accounting data in the received transaction data as a function of the associated transaction party identification data and classification rules received via the authorized user.

13. The system of claim 1, wherein the classification engine is configured and arranged to store, in association with the assigned accounting code, information identifying a merchant offering to which the accounting data applies and information indicating a cost of the merchant offering.

14. The system of claim 1, wherein the classification engine is configured and arranged to assign an accounting code to the accounting data as a function of the associated transaction party identification data by

creating an accounting code as a function of the associated transaction party identification data and data in the transaction document, and

assigning the created accounting code to the identified accounting data for each line item.

15. The system of claim 1, wherein the classification engine is configured and arranged to assign an accounting code to accounting data in the received transaction data as a function at least one of an effective date and an expiration date of the accounting code.

16. A transaction processing system for processing payment and classifying accounting data for a plurality of transaction parties, the system comprising:

an auditing processor configured and arranged, for transaction data upon which payment is to be made, to

associate the transaction data with a transaction party as a function of a user profile for the transaction party and information in the received transaction data,

audit the transaction data using auditing rules specified by the transaction party, and

authorize payment for the transaction as a function of the audit; and

a classification engine configured and arranged to assign an accounting code to accounting data in received transaction data as a function of the accounting classification rules for the associated transaction party, thereby classifying the accounting data.

17. The system of claim 16, wherein the auditing processor is configured and arranged to audit the transaction data using auditing rules specified by the associated transaction party and stored contract information characterizing a contract involving the associated transaction party.

18. The system of claim 17, wherein the auditing processor is configured and arranged to audit the transaction data by comparing information in the transaction data with the stored contract information and to authorize payment for the transaction as a function of the comparison and the auditing rules.

19. The system of claim 17, wherein the auditing processor is configured and arranged to authorize payment for the transaction as a function of the audit by sending a payment authorization to a financial institution specified by the associated transaction party in its user profile.

20. The system of claim 16, wherein the transaction processing system is further adapted to assess a fee against the associated transaction party as a function of the association.

21. The system of claim 16, wherein the transaction processing system is further adapted to assess a fee against the associated transaction party as a function of the association and at least one of the authorization of payment and an amount of the authorized payment.

22. The system of claim 16, wherein the classification engine is configured and arranged to assign an accounting code to accounting data in received transaction data as a function at least one of an effective data and an expiration date of the accounting codes.

23. A system for processing payment and classifying accounting data for a plurality of transaction parties, the system comprising:

means for accessing user profiles including information about each transaction party for controlling each transaction party'"'"'s access to a transaction processing system and for associating transaction data with a particular transaction party;

means for associating received transaction data with transaction party identification data as a function of the user profiles and information in the received transaction data;

means for retrieving auditing rules for the associated transaction party, the auditing rules including information for authorizing payment for transaction parties;

means for auditing the transaction data using the auditing rules;

means for authorizing payment for the transaction as a function of the audit; and

means for assigning an accounting code to accounting data in the received transaction data as a function of the associated transaction party identification data, thereby classifying the accounting data.

24. A method for processing payment and classifying accounting data for a plurality of transaction parties, the method comprising:

accessing user profiles including information about each transaction party for controlling each transaction party'"'"'s access to a transaction processing system and for associating transaction data with a particular transaction party;

associating received transaction data with transaction party identification data as a function of the user profiles and information in the received transaction data;

retrieving auditing rules for the associated transaction party, the auditing rules including information for authorizing payment for transaction parties;

auditing the transaction data using the auditing rules;

authorizing payment for the transaction as a function of the audit; and

assigning an accounting code to accounting data in the received transaction data as a function of the associated transaction party identification data, thereby classifying the accounting data.