Correlating transaction records via user-specified identifier creating uncleared transaction

• US 6,006,204 A
• Filed: 12/18/1997
• Issued: 12/21/1999
• Est. Priority Date: 12/18/1997
• Status: Expired due to Term

• Current Assignee: eBay Inc.
• Original Assignee: International Business Machines Corporation
• Inventors: Malcolm, Jerry Walter
• Primary Examiner(s): Peeso, Thomas R.
• Application Number:
  US08/993,511
• Time in Patent Office: 733 Days
• Field of Search: 705/30, 705/35, 705/37, 705/39, 705/1, 345/326, 345/329, 345/331
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A financial institution customer is permitted to create an uncleared transaction record within the financial institution'"'"'s account ledger for the customer in anticipation of actually making the transaction. Although maintained within the financial institutions electronic records for the account and appearing on monthly statements or printed transaction histories, uncleared transaction records are treated as account comments but the financial institution and are not employed in any manner to modify the account balance for the corresponding account. The uncleared transaction record may include a detailed description of the transaction as well as a unique transaction identifier, created by the customer or preprinted on a banking form such as a deposit slip. When the transaction is actually made, the real transaction record is annotated with the transaction identifier. Uncleared transaction records may subsequently be correlated to real transaction records utilizing the transaction identifiers during reconciliation. During reconciliation, corresponding uncleared and real transaction records may be merged with the transaction description within the uncleared transaction record appended to the transaction description in the real transaction record. Transaction records may be automatically merged or presented in pairs for manual merger.

Claims

1. A method of correlating transactions in an account ledger, comprising:

creating an uncleared transaction record within the account ledger for an anticipated transaction, the uncleared transaction including a unique transaction identifier capable of uniquely identifying any transaction including deposits, checks, and withdrawals;

creating a real transaction record within the account ledger for an actual transaction, the real transaction record including the transaction identifier;

comparing the transaction identifier within the uncleared transaction record with the transaction identifier within the real transaction record; and

responsive to identifying a match between the transaction identifier within the uncleared transaction record and the transaction identifier within the real transaction record, merging the uncleared transaction record with the real transaction record.

2. The method of claim 1, wherein the step of creating the uncleared transaction record precedes the step of creating the real transaction record.

3. The method of claim 1, wherein the step of creating the real transaction record precedes the step of creating the uncleared transaction record.

4. The method of claim 1, wherein the step of comparing the transaction identifier within the uncleared transaction record with the transaction identifier within the real transaction record further comprises:

comparing the transaction identifier within the uncleared transaction record to a plurality of different transaction identifiers contained within a corresponding plurality of real transaction records including the real transaction record.

5. The method of claim 1, wherein the step of merging the uncleared transaction record with the real transaction record further comprises:

appending a transaction description within the uncleared transaction record to a transaction description within the real transaction record.

6. The method of claim 1, wherein the step of merging the uncleared transaction record with the real transaction record further comprises:

displaying the uncleared and real transaction records for manual merger.

7. The method of claim 1, further comprising:

comparing a plurality of uncleared transaction records with a plurality of real transaction records; and

responsive to identifying real transaction records within the plurality of real transaction records corresponding to uncleared transaction records within the plurality of uncleared transaction records, merging each corresponding pair of uncleared and real transaction records.

8. The method of claim 7, further comprising:

performing an account reconciliation including the steps or comparing uncleared and real transaction records and merging each corresponding pair of uncleared and real transaction records.

9. A mechanism for correlating transactions in an account ledger, comprising:

a memory containing;

a plurality real transaction records within the account ledger for actual transactions relating to an account within a financial institution, each real transaction record within the plurality of real transaction records including a transaction identifier capable of uniquely identifying any transaction including deposits, checks, and withdrawals;

a plurality of uncleared transaction records within the account ledger for anticipated transactions relating to the account, each uncleared transaction within the plurality of uncleared transaction records including a unique transaction identifier matching a transaction identifier contained within a corresponding real transaction record;

a processor coupled to the memory and comparing a transaction identifier within an uncleared transaction record to a transaction identifier within a real transaction record,

wherein the processor, responsive to identifying a match between the transaction identifier within the uncleared transaction record and the transaction identifier within the real transaction record, merges the uncleared transaction record with the real transaction record.

10. The mechanism of claim 9, wherein the first and second memory and the processor are contained within a server for a financial institution.

11. The mechanism of claim 10, further comprising:

a client connected to the server via an Internet connection path, the client creating the plurality of uncleared transaction records within the server.

12. The method of claim 11, wherein the client further comprises:

a display displaying a corresponding pair of uncleared and real transaction records for manual merger.

13. A computer program product within a computer usable medium, comprising:

instructions within the computer usable medium for creating an uncleared transaction record within an account ledger for an anticipated transaction, the uncleared transaction including a unique transaction identifier capable of uniquely identifying any transaction including deposits, checks, and withdrawals;

instructions within the computer usable medium for creating a real transaction record within the account ledger for an actual transaction, the real transaction record including the transaction identifier;

instructions within the computer usable medium for comparing the transaction identifier within the uncleared transaction record with the transaction identifier within the real transaction record; and

instructions within the computer usable medium, responsive to identifying a match between the transaction identifier within the uncleared transaction record and the transaction identifier within the real transaction record, for merging the uncleared transaction record with the real transaction record.

14. The computer program product of claim 13, wherein the instructions for creating the uncleared transaction record are executed prior to the instructions for creating the real transaction record.

15. The computer program product of claim 13, wherein the instructions for creating the real transaction record are executed prior to the instructions for creating the uncleared transaction record.

16. The computer program product of claim 13, wherein the instructions for comparing the transaction identifier within the uncleared transaction record with the transaction identifier within the real transaction record further comprise:

instructions for comparing the transaction identifier within the uncleared transaction record to a plurality of different transaction identifiers contained within a corresponding plurality of real transaction records including the real transaction record.

17. The computer program product of claim 13, wherein the instructions for merging the uncleared transaction record with the real transaction record further comprise:

instructions for appending a transaction description within the uncleared transaction record to a transaction description within the real transaction record.

18. The computer program product of claim 13, wherein the instructions for merging the uncleared transaction record with the real transaction record further comprise:

instructions for displaying the uncleared and real transaction records for manual merger.

19. The computer program product of claim 13, further comprising:

instructions within the computer usable medium for comparing a plurality of uncleared transaction records with a plurality of real transaction records; and

instructions within the computer usable medium, responsive to identifying real transaction records within the plurality of real transaction records corresponding to uncleared transaction records within the plurality of uncleared transaction records, for merging each corresponding pair of uncleared and real transaction records.

20. The computer program product of claim 19, further comprising:

instructions within the computer usable medium for performing an account reconciliation including the instructions for comparing uncleared and real transaction records and merging each corresponding pair of uncleared and real transaction records.