System and method for reconciling one or more financial transactions

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.

1 - 20 . (canceled) 
     
     
         21 . A method, comprising:
 a computer system receiving data indicative of a first transaction and a second transaction;   the computing system extracting first transaction data from the received data, wherein the first transaction data is in a first data format;   the computing system extracting second transaction data from the received data, wherein the second transaction data is in a second data format;   the computing system transforming the first transaction data and the second transaction data into a predefined data format; and   the computing system matching the first transaction to the second transaction based on the transformed first transaction data and the transformed second transaction data.   
     
     
         22 . The method of  claim 21 , further comprising:
 based on the matching, the computer system generating a report that includes details on matched transaction data; and   the computer system archiving the report, wherein the report can be retrieved based on a search using a search interface.   
     
     
         23 . The method of  claim 21 , wherein the transforming is based on at least one set of data logics and further includes:
 the computer system scheduling the at least one set of data logics to be automatically executed at specific time intervals based on a frequency of transactions; and   the computer system automatically executing the at least one set of data logics after the specific time intervals.   
     
     
         24 . The method of  claim 21 , further comprising:
 the computer system performing an audit on activities of the computer system that include the matching and the extracting.   
     
     
         25 . The method of  claim 21 , wherein the matching further comprises:
 the computer system matching the first transaction to the second transaction within a defined tolerance limit, wherein the defined tolerance limit is expressed as a percentage value.   
     
     
         26 . The method of  claim 21 , wherein the transforming is based on at least one set of data logics and further includes:
 the computer system creating the at least one set of data logics by specifying a set of fields based on at least one of account numbers, transaction dates, and transaction amounts.   
     
     
         27 . The method of  claim 21 , wherein the extracting the first transaction data and the second transaction data is based on a set of validations that include approvals for performing extractions. 
     
     
         28 . A system, comprising:
 one or more processors; and   a memory having stored thereon program instructions that are executable by the one or more processors to cause the system to perform operations comprising:
 receiving data specifying a financial statement that includes a plurality of transactions; 
 retrieving, from the received data, a first set of data indicative of a first one of the plurality of transactions, wherein the first set of data is in a first format; 
 retrieving, from the received data, a second set of data indicative of a second one of the plurality of transactions, wherein the second set of data is in a second format; 
 transforming the first set of data and the second set of data into a particular data format; and 
 matching the first transaction to the second transaction based on the transformed first set of data and the transformed second set of data. 
   
     
     
         29 . The system of  claim 28 , wherein the operations further comprise:
 based on predefined journal entry criteria, creating a journal entry of open transaction data that includes unmatched transaction data of the plurality of transactions.   
     
     
         30 . The system of  claim 28 , wherein the matching further comprises:
 performing a currency conversion of the first transaction data to a currency of the second transaction as indicated by the second transaction data.   
     
     
         31 . The system of  claim 28 , wherein the matching further comprises:
 matching the first transaction to the second transaction using match logic that includes one or more algorithms for matching transaction data; and   scheduling the match logic to be automatically executed at specific time intervals based on a frequency of receiving transactions.   
     
     
         32 . The system of  claim 28 , wherein the operations further comprise:
 providing, via a user interface, a notification indicative of an error that occurred in retrieving, from the received data, a third set of data indicative of a third one of the plurality of transactions.   
     
     
         33 . The system of  claim 28 , wherein the operations further comprise:
 providing a user interface for reviewing uncaptured transaction data and matched transaction data.   
     
     
         34 . The system of  claim 28 , wherein the retrieving the first set of data and the second set of data is based on at least one set of data logics. 
     
     
         35 . A non-transitory computer readable medium having instructions stored thereon that are executable by a computer system to perform operations comprising:
 receiving information identifying one or more financial transactions;   extracting first and second transaction information from the one or more financial transactions, wherein the first transaction information is in a first format, and wherein the second transaction information is in a second format different from the first format;   transforming the first and second transaction information into a same format; and   matching the transformed first transaction information and the transformed second transaction information.   
     
     
         36 . The computer readable medium of  claim 35 , wherein the operations further comprise:
 based on the matching, generating a report that includes matched transaction information, unmatched transaction information, and information relating to the one or more financial transactions.   
     
     
         37 . The computer readable medium of  claim 35 , wherein the transforming includes using a set of data logics, and wherein the operations further comprise:
 the computer system scheduling the set of data logics to be automatically executed according to a one or more criteria, wherein the one or more criteria includes a frequency at which information identifying the one or more financial transactions is received.   
     
     
         38 . The computer readable medium of  claim 35 , wherein the extracting includes extracting the first and second transaction information based on a period of reconciliation. 
     
     
         39 . The computer readable medium of  claim 35 , wherein the operations further comprise:
 providing, to a user interface, a notification of an error that occurred in extracting third transaction information from the one or more financial transactions.   
     
     
         40 . The computer readable medium of  claim 35 , wherein the matching is based on a tolerance limit defined by user having a user privilege corresponding to defining tolerance limits.