SYSTEM AND METHOD FOR RECONCILING ONE OR MORE FINANCIAL TRANSACTIONS

• US 20140172655A1
• Filed: 02/19/2014
• Published: 06/19/2014
• Est. Priority Date: 12/15/2003
• 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: Lobana, Preeti, Arun, Ruchika, Krishnan, Kizhakkemadam R., Kadam, Uday Rao, Vishwanathan, Raju, Joseph, Shino, Dahiya, Anurag
• Granted Patent: US 9,460,472 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• 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 comprising:

creating, by a computer-based system journal entry system, journal entries of transaction data based upon predefined journal entry criteria;

distinguishing, by the computer-based journal entry system, the transaction data as closed transaction data, in response to the predefined journal entry criteria being executed; and

archiving, by the computer-based journal entry system, the closed transaction data.

3. The method of claim 1, further comprising executing, by the computer-based journal entry system, the predefined journal entry criteria.

4. The method of claim 1, further comprising generating and testing, by the computer-based journal entry system, data logic based on a plurality of desired fields, wherein the data logic comprises at least one of:

an algorithm and a computer code.

5. The method of claim 1, further comprising extracting, by the computer-based journal entry system and based upon data logic and validations, the transaction data from financial transactions, wherein the transaction data comprises a subset of the financial transactions.

6. The method of claim 1, further comprising transforming, by the computer-based journal entry system, the transaction data to a predefined format.

7. The method of claim 1, further comprising capturing, by the computer-based journal entry system, the transaction data in a reusable import template, wherein the reusable import template is created based up the transaction data.

8. The method of claim 1, further comprising auto-matching, by the computer-based journal entry system, the transaction data to master data to within a specified tolerance limit.

9. The method of claim 1, further comprising performing, by the computer-based journal entry system, research and clearance of the transaction data.

10. The method of claim 1, further comprising auto-matching, by the computer-based journal entry system, the transaction data to master data to within a specified tolerance limit by 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.

11. The method of claim 1, further comprising:

generating, by the computer-based journal entry system, one or more reports on auto-matched transaction data; and

providing, by the computer-based journal entry system, user privileges according to a first predefined criterion, the user privileges for controlling capturing, the auto-matching, and generation of the one or more reports.

12. The method of claim 1, further comprising:

generating, by the computer-based journal entry system, a data logic based upon a plurality of desired fields;

testing, by the computer-based journal entry system, the data logic; and

scheduling, by the computer-based system, the data logic, the scheduling enabling automatic execution of the data logic according to a second predefined criterion.

13. The method of claim 1, further comprising scheduling, by the computer-based journal entry system, at auto-match logics, the scheduling enabling automatic execution of at least one of the auto-match logics according to a third predefined criterion.

14. The method of claim 1, further comprising performing, by the computer-based journal entry system, audit trails on at least one of captured transaction data, master data, auto-matched transaction data and reports.

15. The method of claim 1, further comprising auto-matching, by the computer-based journal entry system, the transaction data to master data, wherein the auto-matching is a tolerance auto-matching, the tolerance auto-matching comprising a predefined tolerance limit.

16. The method of claim 1, further comprising providing, by the computer-based journal entry system, views, the views for reviewing captured transaction data, uncaptured transaction data, auto-matched transaction data and reports.

17. The method of claim 1, further comprising auto-matching, by the computer-based journal entry system, the transaction data to master data, wherein the auto-matching further comprises splitting captured transaction data, the splitting being performed using auto-match logics.

2. (canceled)

18. A system comprising:

a processor configured for executing journal entry criteria;

a tangible, non-transitory memory configured to communicate with the processor,

the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations comprising;

creating, by the processor, journal entries of transaction data based upon predefined journal entry criteria;

distinguishing, by the processor, the transaction data as closed transaction data, in response to the predefined journal entry criteria being executed; and

archiving, by the processor, the closed transaction data.

19. (canceled)

20. An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a computer-based journal entry system, cause the computer-based journal entry system to perform operations comprising:

creating, by the processor, journal entries of transaction data based upon predefined journal entry criteria;

distinguishing, by the computer-based journal entry system, the transaction data as closed transaction data, in response to the predefined journal entry criteria being executed; and

archiving, by the computer-based journal entry system, the closed transaction data.