System and Method for Reconciling One or More Financial Transactions

• US 20080103949A1
• Filed: 10/25/2006
• Published: 05/01/2008
• Est. Priority Date: 10/25/2006
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Kadam, Uday Rao, Lobana, Preeti, Dahiya, Anurag, Vishwanathan, Raju, Joseph, Shino, Krishnan, Kizhakkemadam R., Arun, Ruchika
• Granted Patent: US 8,600,845 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/10 Tax strategies
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A system, method and computer program product for reconciling one or more financial transactions of one or more business units. The method includes capturing transaction data from the financial transactions using a first set of data logics. The capturing further includes extracting the transaction data from the financial transactions using import templates and transforming the extracted transaction data to a predefined format, using a first set of validations. The captured transaction data is then auto-matched with master data as reference, using one or more auto-match logics and a second set of validations. One or more reports are then generated on the auto-matched transaction data. The method further includes providing user privileges for controlling the capturing, the auto-matching, and the generation of the one or more reports according to a first predefined criterion.

Claims

1. A method for reconciling one or more financial transactions of one or more business units, the method comprising the steps of:

a. capturing transaction data from the one or more financial transactions, the one or more financial transactions having one or more data formats, the capturing being performed using a first set of data logics, the capturing comprising

i. extracting the transaction data from the one or more financial transactions using one or more import templates, and

ii. transforming the extracted transaction data to a predefined format; and

b. auto-matching the captured transaction data using master data, the auto-matching being performed using one or more auto-match logics.

2. The method of claim 1, wherein the capturing is performed by using a first set of validations and wherein the auto-matching is performed using one or more auto-match logics, the one or more auto-match logics comprising permutations of one or more arithmetic algorithms, the auto-matching providing open transaction data and being performed using a second set of validations.

3. The method of claim 2, further comprising:

c. generating one or more reports on the auto-matched transaction data; and

d. providing user privileges according to a first predefined criterion, the user privileges for controlling the capturing, the auto-matching, and the generation of the one or more reports.

4. The method of claim 3, further comprising the step of performing research and clearance of the open transaction data, the research and clearance comprising creating Journal Entries of the open transaction data.

5. The method of claim 2, further comprising the step of scheduling the first set of data logics, the scheduling enabling automatic execution of at least one of the first set of data logics according to a second predefined criterion.

6. The method of claim 5, further comprising the step of scheduling the one or more auto-match logics, the scheduling enabling automatic execution of at least one of the one or more auto-match logics according to a third predefined criterion.

7. The method of claim 2, further comprising the step of performing audit trails on at least one of the captured transaction data, the master data, the auto-matched transaction data and the one or more reports.

8. The method of claim 2, wherein the auto-matching is a tolerance auto-matching, the tolerance auto-matching comprising a predefined tolerance limit.

9. The method of claim 3, further comprising a step of providing one or more views, the one or more views for reviewing the captured transaction data, the uncaptured transaction data, the auto-matched transaction data and the one or more reports.

10. The method of claim 1, wherein the auto-matching further comprises the step of splitting the captured transaction data, the splitting being performed using the one or more auto-match logics.

11. A system for reconciling one or more financial transactions of one or more business units, the system comprising:

a. a capturing component, the capturing component capturing transaction data from the one or more financial transactions, the one or more financial transactions having one or more data formats, the capturing component executing a first set of data logics, the capturing component comprising

i. an extraction component, the extraction component extracting the transaction data from the one or more financial transactions using one or more import templates, and

ii. a formatting component, the formatting component transforming the extracted transaction data to a predefined format; and

b. a matching component for automatically matching the captured transaction data using master data, the matching component executing one or more auto-match logics.

12. The system of claim 11, wherein the capturing component uses a first set of validations and wherein the matching component uses one or more auto-match logics, the one or more auto-match logics comprising permutations of one or more arithmetic algorithms, the matching providing open transaction data and being performed using a second set of validations.

13. The system of claim 12, further comprising:

c. a reporting component to generate one or more reports on the auto-matched transaction data; and

d. a control component to provide user privileges according to a first predefined criterion, the user privileges for controlling the capturing component, the matching component, and the reporting component.

14. The system of claim 13, further comprising a research and clearance component, the research and clearance component creating Journal Entries of the open transaction data.

15. The system of claim 12, further comprising a first scheduler, the first scheduler automatically executing at least one of the first set of data logics according to a second predefined criterion.

16. The system of claim 13, further comprising a second scheduler, the second scheduler automatically executing at least one of the one or more auto-match logics according to a third predefined criterion.

17. The system of claim 16, further comprising means for generating one or more views, the one or more views used for reviewing the captured transaction data, the uncaptured transaction data, the auto-matched transaction data and the one or more reports.

18. The system of claim 13, wherein the matching component automatically matches the captured transaction data based on a predefined tolerance limit.

19. The system of claim 13, further comprising an audit component, the audit component performing audit trails on at least one of the captured transaction data, the master data, the auto-matched transaction data and the one or more reports.

20. A computer program product comprising a computer usable medium having control logic stored therein for causing a computer to reconcile one or more financial transactions of one or more business units, said control logic comprising:

first computer readable program code means for causing the computer to capture transaction data from the one or more financial transactions, the one or more financial transactions having one or more data formats, the capturing being performed using a first set of data logics, the capturing comprising

extracting the transaction data from the one or more financial transactions using one or more import templates, and

transforming the extracted transaction data into a predefined format; and

second computer readable program code means for causing the computer to auto-match the captured transaction data using master data, the auto-matching being performed using one or more auto-match logics.

21. The computer program product of claim 20, wherein the first computer readable program code means uses a first set of validations and wherein the second computer readable program code means uses one or more auto-match logics, the one or more auto-match logics comprising permutations of one or more arithmetic algorithms, the matching providing open transaction data and being performed using a second set of validations.

22. The computer program product of claim 21, further comprising:

third computer readable program code means for causing the computer to generate one or more reports on the auto-matched transaction data; and

fourth computer readable program code means for causing the computer to provide user privileges according to a first predefined criterion, the user privileges for controlling the capturing, the auto-matching, and the generation of the one or more reports.