In our latest update, we have made improvements on making the cash matching a lot more automated so that less time is required in making invoices marked as paid.
Once the transactions have either been manually uploaded or imported via open banking, the transactions should automatically allocate to Payment on Account (POA) if you have bank rules set up. If not, you can manually allocate the transactions so they sit in ‘allocated not matched status’ within POA.
Your bank screen will then show like below with the Amount (£) and Trans. Balance being the same value.
Once you are happy the payments have been allocated successfully, you can now initiate a background task where the system will attempt to match the incoming transaction to the outstanding invoices
To do this, please click ‘Bulk Cash match’ in the top right of the bank screen.
Once initiated, you a green Success! Box will pop up to acknowledge the task is in progress. During this time, editing and/or deleting invoices and customer receipts will be temporarily restricted. This should be for no more than 60s. This DOES NOT effect raising invoices.
Once the task is complete, you can refresh the screen and a quick identifier to show the successful matches is the Trans. Balance will now show as either £0.00 or a reduced value.
Logic of the matching:
If the full credit and debit amounts on the POA match 100% then the system will match incoming transactions to the group or individual invoices so that no invoices remain outstanding, nor is there any outstanding incoming transactions. An invoice number in the bank description is not required if the debit and credits match exactly.
If the credits and debits don’t match, then the system will look for an invoice number on the incoming transactions. If this matches an outstanding invoice, the system will match these. The system will only match if the amount on the incoming transaction is the same or more than the invoice value.
If the incoming transaction has a group invoice number within its description which is equal to or more than the invoice, it will match the full invoice value and the outstanding amount will remain on the POA.
If the incoming transaction has a group invoice number within its description which matches an invoice but the amount is less than the invoice amount, then the system will not match anything.
To see the full log of the matching, you can click Cash matching Logs in the top right and you will have a history of all the bank matches done via this automation in excel format
