Automatic internal matching

 

The Internal Matching Report shows the transactions generating the card balance. It shows which transactions close each other out and which ones remain open. These open transactions are the ones producing the card balance.

Matches (or “Closings”) can be selected and the report may be issued in to ways: In the automated method the software finds the matches. This method is enabled through the Computer Assisted Internal Matching section. The second method is the manual method, where users mark the matches. This chapter explains the automatic method.

You can run automatic internal matching on an Individual Account or Issue matches to a group of accounts

 

Individual Account Reconciliation

Account: The Account ID of the card that is the subject of internal matching.

Currency: Journal Transactions in WizCount include amounts in both local and foreign currencies. This section is used to select whether matches will be based on the amounts in local or foreign currency.

Reference: Journal Transactions in WizCount include three Reference fields. This section is used to select the appropriate field.

Preferred field to match by: In some cases, there are several transactions with the same amounts, and then the software has to decide which transaction should be matched with which. This decision is based on data in the following fields: Reference, Date, Details. If the Automatic Reconciliation (default) option is selected, WizCount will find the best matches based on the prevalence of the data in the fields above. For example, if there are several transactions with the same Amount, the same Dates, and no matching data in a Details field AND if only two of them have the same Reference AND this reference is not found in other transactions, then WizCount will determine that these transactions match. However, you can set the Details field to have a higher priority than the Reference field in a particular run.

Difference allowed for due dates\ Dates: Sometimes the transactions that close each other out have different dates. For example, an invoice was issued to a customer with a due date (indicating payment terms) in the end of July, but the payment was made a few months later. Enter the maximum difference in days between transaction dates. In all the cases where the difference is greater, WizCount will not record a match.

Due Date From-To: Enter the desired period covered by the report. We recommend that you do not limit the first date (From). This way, your new reconciliation process will include all the remaining open transactions from previous runs.

 

 

Account Group Reconciliation

You can run the reconciliation on all the Account Cards within a Sort Code Filtering. When using this method, the interactive pages (where matches can be selected from several options) are not displayed. Of course, you can return to any of the Account Cards and run the reconciliation software only for that particular card, and then the interactive pages will be displayed.

Allow matching by Amounts only: The reconciliation software works in several steps. In the first step, it tries to find matches based on the data in Reference, Date and Details fields. If unmatched transactions remain, it is possible to find matches based only on amounts. Of course, searching for matches based on amounts can result in incorrect matches. Check this checkbox to enable this step.

Once you click the Start Matching button, WizCount will display recommendations for matches found based on the requirements given in the previous screen.

You can determine which columns are not displayed in this page. Right click the column header row. WizCount will open a window where you can select the columns you wish to display.

This page allows you to manage the recommended matches and select:

  • Save matches and exit
  • Save matches and continue searching for matches by amounts (find more information regarding this step below)
  • Exit without saving: Exit the menu without saving the matches found
  • Delete Selected Matches: To delete specific matches from the list, check the transaction checkbox on the right and click the Delete Selected Matches button. Then proceed with one of the save options.

In the Match By Amount step, WizCount will display recommendations for additional matches based only on amounts (without matching Reference, Date or Details). If certain transactions have several different closing options available and the software is unable to determine the correct match, then these optional transactions will be displayed and the user will be asked to select the correct transactions.

After selecting a transaction, the software will narrow down the list so that only optional transactions for closing are displayed. This step is continued until the match amount is completed.

After confirming the match and proceeding to save the matches, the software displays the transactions sorted by amounts. This step allows for incorrect matches to be canceled again.

 

Re-open incorrect Matches

If an incorrect match is found after issuing and reviewing the internal matchings report, go to Accounting> Reconciliation and internal matching > Retrieve and Delete account analysis to reopen the internal match.

 

Why can’t matches be made in both local and foreign currency in the same account card?

WizCount for Windows is a multiannual software. In a multi-year software, internal matches cannot be recorded in both L.C and F.C, because F.C transactions may not overlap the L.C transactions, and as a result there may be dates for which a Balance Sheet and Profit and Loss Statement cannot be issued. These dates may also occur at the end of a quarter or year.

The recommended solution, adopted by many WizCount users, is to perform Internal Matches in either L.C or F.C (according to the Settling Currency) and to run the program: Rate Differentials by Match. When WizCount records Rate Differentials By Match, it adds Rate Differentials transactions to the matching. This way, a Rate differentials transaction is recorded for each transaction. In this method, each transaction is closed in both L.C and F.C, so there is an overlap between the L.C and the F.C transactions. Therefore, this method is superior to the method that was available in DOS. It allows you to issue a Balance Sheet and Profit and Loss Statement for each and every date and therefore allows for multi-annual data management.

Moreover, WizCount for Windows has special multi-currency management mechanisms, and some users conduct business with customers using several currencies at the same time. For example, if the account is in $ and payment is received in Euro, the software will automatically convert the receipt from one currency to another in order to record internal matching.

 

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