System and method for reconciling one or more financial transactions

• US 8,600,845 B2
• Filed: 10/25/2006
• Issued: 12/03/2013
• Est. Priority Date: 10/25/2006
• Status: Expired due to Fees

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Dahiya, Anurag, Joseph, Shino, Vishwanathan, Raju, Kadam, Uday Rao, Krishnan, Kizhakkemadam R., Arun, Ruchika, Lobana, Preeti
• Primary Examiner(s): Gart, Matthew
• Assistant Examiner(s): Goyea, Olusegun
• Application Number:
  US11/552,892
• Publication Number:
  US 20080103949A1
• Time in Patent Office: 2,596 Days
• Field of Search: 705/8, 705/40, 705/30, 705/26, 705/39, 705/33, 705/36.R, 707/618, 707/752, 707/999.009, 707/999.01, 707/999.103, 719/315, 719/316, 1/1, 717/124, 717/126, 717/106, 715/234
• 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:

generating, by a computer-based system for reconciling financial transactions, a data logic based upon a plurality of desired fields, wherein the data logic comprises at least one of;

an algorithm and a computer code;

testing, by the computer-based system, the data logic;

extracting, by the computer-based system and based upon the data logic, transaction data from the financial transactions, wherein the transaction data comprises a subset of the financial transactions;

transforming, by the computer-based system, the transaction data to a predefined format;

creating, by the computer-based system, a reusable import template based upon the transaction data;

capturing, by the computer-based system, the transaction data in the reusable import template;

auto-matching, by the computer-based system and based upon an arithmetic algorithm, the transaction data to master data to within a specified tolerance limit;

performing, by the computer-based system, research and clearance of the transaction data;

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

executing, by the computer-based system, the predefined journal entry criteria;

distinguishing, by the computer-based system, the transaction data as closed transaction data in response to the executing; and

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

2. The method of claim 1, wherein the extracting is performed 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:

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

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

4. The method of claim 3, further comprising scheduling, by the computer-based system, the data logic, the scheduling enabling automatic execution of the data logic according to a second predefined criterion.

5. The method of claim 4, further comprising scheduling, by the computer-based system, 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.

6. The method of claim 5, further comprising performing, by the computer-based system, 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.

7. The method of claim 6, wherein the auto-matching is a tolerance auto-matching, the tolerance auto-matching comprising a predefined tolerance limit.

8. The method of claim 7, further comprising providing, by the computer-based system, 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.

9. The method of claim 8, wherein the auto-matching further comprises splitting, by the computer-based system, the captured transaction data, the splitting being performed using the one or more auto-match logics.

10. A system comprising:

a processor for reconciling financial transactions;

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;

generating, by the processor, a data logic based upon a plurality of desired fields, wherein the data logic comprises at least one of;

an algorithm and a computer code;

testing, by the processor, the data logic;

extracting, by the processor and based upon the data logic, transaction data from the financial transactions, wherein the transaction data comprises a subset of the financial transactions;

transforming, by the processor, the transaction data to a predefined format;

creating, by the processor, a reusable import template based upon the transaction data;

capturing, by the processor, the transaction data in the reusable import template;

auto-matching, by the processor and based upon an arithmetic algorithm, the transaction data to master data to within a specified tolerance limit;

performing, by the processor, research and clearance of the transaction data;

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

executing, by the processor, the predefined journal entry criteria;

distinguishing, by the processor, the transaction data as closed transaction data in response to the executing; and

archiving, by the processor, the closed transaction data.

11. The system of claim 10, wherein the extracting comprises a first set of validations and wherein the auto-matching comprises 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.

12. The system of claim 11, wherein the processor further performs operations comprising;

generating, by the processor, one or more reports on the auto-matched transaction data; and

providing, by the processor, user privileges for controlling access to a capturing component, a matching component, and a reporting component.

13. The system of claim 11, wherein the processor further performs operations comprising executing, by a first scheduler associated with the processor, the data logic.

14. The system of claim 12, wherein the processor further performs operations comprising automatically executing, by a second scheduler associated with the processor, the auto-match logic.

15. The system of claim 14, wherein the processor further performs operations comprising generating, by the processor, 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.

16. The system of claim 12, wherein the auto-matching matches the transaction data based on a predefined tolerance limit.

17. The system of claim 12, wherein the processor further performs operations comprising performing, by the processor, audit trails on at least one of the transaction data, the master data, the auto-matched transaction data and the one or more reports.

18. 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 system for reconciling financial transactions, cause the computer-based system to perform operations comprising:

generating, by the computer-based system, a data logic based upon a plurality of desired fields, wherein the data logic comprises at least one of;

an algorithm and a computer code;

testing, by the computer-based system, the data logic;

extracting, by the computer-based system and based upon the data logic, transaction data from the financial transactions, wherein the transaction data comprises a subset of the financial transactions;

transforming, by the computer-based system, the transaction data to a predefined format;

creating, by the computer-based system, a reusable import template based upon the transaction data;

capturing, by the computer-based system, the transaction data in the reusable import template;

auto-matching, by the computer-based system and based upon an arithmetic algorithm, the transaction data to master data to within a specified tolerance limit;

performing by the computer-based system, research and clearance of the transaction data;

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

executing, by the computer-based system, the predefined journal entry criteria;

distinguishing, by the computer-based system, the transaction data as closed transaction data in response to the executing; and

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

19. The article of claim 18, wherein the extracting 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.

20. The article of claim 19, further comprising:

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

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