Reconciliation suggestions

To streamline the reconciliation process, our system provides an automatic reconciliation process based on reconciliation suggestions, which automatically propose matches between imported bank transactions and outstanding invoices based on predefined payment terms.

These suggestions help identify potential matches by analyzing key transaction details, such as:

• Amount and currency: matching transactions with invoices of the same value and currency.
• Payment reference: identifying invoices based on references included in the bank transaction.
• Due date and payment terms: suggesting matches based on expected payment dates and terms agreed upon with customers.
• Seller and buyer information: associating transactions with known payers and payees.

By leveraging reconciliation suggestions, you can significantly reduce manual effort, speed up financial closing processes, and ensure accurate bookkeeping. You can review and confirm the suggested matches or reject them if necessary via getpaid dashboard or using the API.

Regarding reconciliation, invoice payment terms can be set as:

• Unmatched: there is no transaction found for that payment term yet.
• Suggested: there is a matching bank transaction that can be related to the invoice and must be reviewed to be confirmed or rejected.
• Confirmed: the automatic matching with a bank transaction was confirmed by an operator.