Transaction accounting payment and classification system and approach
First Claim
Patent Images
1. A transaction processing system for processing payment and classifying accounting data for a plurality of disparate transaction parties, the system comprising:
- a database configured to receive and store for each of the disparate transaction parties, user profiles, auditing rules and accounting data classification rules;
an association processor arrangement configured and arranged to;
receive transaction data,access the user profiles including information about each transaction party involved in a transaction for controlling each transaction party'"'"'s access to the transaction processing system and for associating the received transaction data with one of the transaction parties, andassociate the 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 the received transaction data associated with a transaction for which payment is to be made, to;
retrieve the auditing rules for the associated transaction party, the auditing rules including information for authorizing payment for the disparate transaction parties involved in the transaction and on behalf of at least one of the disparate transaction parties,audit the received transaction data using the auditing rules, andauthorize payment for the transaction as a function of the audit; and
a classification engine configured and arranged to assign at least one accounting code, that corresponds to an expense classification for a regulatory standard for recording business expenses, to the received transaction data as a function of the associated transaction party identification data, thereby providing expense classification data for access by the associated transaction party.
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Accused Products
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.
93 Citations
18 Claims
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1. A transaction processing system for processing payment and classifying accounting data for a plurality of disparate transaction parties, the system comprising:
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a database configured to receive and store for each of the disparate transaction parties, user profiles, auditing rules and accounting data classification rules; an association processor arrangement configured and arranged to; receive transaction data, access the user profiles including information about each transaction party involved in a transaction for controlling each transaction party'"'"'s access to the transaction processing system and for associating the received transaction data with one of the transaction parties, and associate the 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 the received transaction data associated with a transaction for which payment is to be made, to; retrieve the auditing rules for the associated transaction party, the auditing rules including information for authorizing payment for the disparate transaction parties involved in the transaction and on behalf of at least one of the disparate transaction parties, audit the received 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 to assign at least one accounting code, that corresponds to an expense classification for a regulatory standard for recording business expenses, to the received transaction data as a function of the associated transaction party identification data, thereby providing expense classification data for access by the associated transaction party. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A system for processing payment and classifying accounting data for a plurality of disparate transaction parties, the system comprising:
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means for receiving and storing for each of the disparate transaction parties, user profiles, auditing rules and accounting data classification rules; means for receiving transaction data; means for accessing the user profiles including information about each transaction party involved in a transaction for controlling each transaction party'"'"'s access to a transaction processing system and for associating the received transaction data with one of the transaction parties; means for associating the 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 the auditing rules for the associated transaction party, the auditing rules including information for authorizing payment for the disparate transaction parties involved in the transaction and on behalf of at least one of the disparate transaction parties; means for auditing the received transaction data using the auditing rules; means for authorizing payment for the transaction as a function of the audit; and means for retrieving the accounting data classification rules for the associated transaction party and for assigning at least one accounting code, that corresponds to an expense classification for a regulatory standard for recording business expenses, to the received transaction data as a function of the retrieved accounting data classification rules for the associated transaction party, thereby providing expense classification data for access by the associated transaction party.
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18. A method for processing payment and classifying accounting data for a plurality of disparate transaction parties, the method comprising:
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receiving and storing, in a database, for each of the disparate transaction parties, user profiles, auditing rules and accounting data classification rules; receiving transaction data; accessing the user profiles including information about each transaction party involved in a transaction for controlling each transaction party'"'"'s access to a transaction processing system and for associating the received transaction data with one of the transaction parties; associating the received transaction data with transaction party identification data as a function of the user profiles and information in the received transaction data; retrieving the auditing rules for the associated transaction party, the auditing rules including information for authorizing payment for the disparate transaction parties involved in the transaction and on behalf of at least one of the disparate transaction parties; auditing the received transaction data using the auditing rules; authorizing payment for the transaction as a function of the audit; and retrieving the accounting data classification rules for the associated transaction party and assigning, by a processor, at least one accounting code, that corresponds to an expense classification for a regulatory standard for recording business expenses, to the received transaction data as a function of the retrieved accounting data classification rules for the associated transaction party, thereby providing expense classification data for access by the associated transaction party.
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Specification