System and method for reconciling one or more financial transactions

• US 8,694,393 B2
• Filed: 11/04/2013
• Issued: 04/08/2014
• 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, Krishnan, Kizhakkemadam R., Arun, Ruchika, Lobana, Preeti, Dahiya, Anurag, Joseph, Shino, Vishwanathan, Raju
• Primary Examiner(s): Goyea, Olusegun
• Application Number:
  US14/071,323
• Publication Number:
  US 20140058909A1
• Time in Patent Office: 155 Days
• Field of Search: 705/8, 705/30, 705/33, 705/35, 705/39, 705/40, 707/618, 707/752, 717/106, 717/124, 717/126
• 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 journal entry system, journal entries of 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 predefined journal entry criteria being executed; and

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

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

an algorithm and a computer code.

3. The method of claim 1, further comprising extracting, by the computer-based 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.

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

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

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

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

8. The method of claim 1, further comprising auto-matching, by the computer-based 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.

9. The method of claim 1, further comprising:

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

providing, by the computer-based 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.

10. The method of claim 1, further comprising:

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

testing, by the computer-based 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.

11. The method of claim 1, further comprising scheduling, by the computer-based 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.

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

13. The method of claim 1, further comprising auto-matching, by the computer-based 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.

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

15. The method of claim 1, further comprising auto-matching, by the computer-based 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.

16. A system comprising:

a processor;

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;

executing, by the processor, the 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.

17. The system of claim 16, further comprising generating and testing, by the processor, a data logic based on a plurality of desired fields, wherein the data logic comprises at least one of:

an algorithm and a computer code.

18. The system of claim 16, further comprising extracting, by the processor and based upon data logic and validations, the transaction data from financial transactions, wherein the transaction data comprises a subset of the financial transactions.

19. The system of claim 16, further comprising capturing, by the processor, the transaction data in a reusable import template, wherein the reusable import template is created based up the transaction data.

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 system to perform operations comprising:

creating, by the computer-based system, journal entries of 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 predefined journal entry criteria being executed; and

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