Credit Card Reconciliation

Credit Card Reconciliation
  • Multi-stepped matching to suit any process (card statement, payment gateway, bank, GL, POS)
  • Full support for all typical file formats
  • Automation of data import and matching
  • Robust exception management and reporting
  • All types of matching relationships supported

ReconArt is a fit-for-purpose solution for credit card reconciliation. This type of payment reconciliation can represent a number of business processes from sales transactions, to vendor payments, or even employee expenses. Typically, it requires the regular matching of transactions on the organization’s credit card statements to the corresponding items on the internal ledgers. Other sources of data can also be involved, like POS or e-commerce applications, corporate expense systems, and bank statements. Once all credit card activity has been reconciled, any remaining unmatched items are left for further investigation.

With this process, many accounting teams struggle with acquiring full visibility over their credit card accounts due to increasing matching complexity, problems with data accessibility and data integrity, and an ever-growing rate of transaction volumes.  Charge-backs, reversals and fees can add an additional layer of complexity. An end-to-end reconciliation software such as ReconArt™ can reduce exposure to risk while eradicating inefficient, manually intensive processes and strenuous year-end activities. Business users have full control over the data involved and can participate first-hand in the way internal reports and credit card statements are introduced, enriched and matched via an easy-to-use interface and navigation layout.

ReconArt™’s powerful matching engine allows for extremely fast and scalable transaction processing, letting reconciliation staff resolve exceptions immediately after new transactional data is available.  When exceptions such as mispostings, unrecorded fees and suspicious transactions are identified, ReconArt™ can automatically categorize them, triggering the appropriate investigation and resolution. Journals and adjustments can automatically be posted back to the relevant ERP/general ledger systems. From dashboards to data exports and ready-to-use reports, all relevant information is at your fingertips.

Challenges of Credit Card Reconciliation
  • Data acquisition and integrity
  • Complex matching logic due to one-to-many relationships and complex edge cases such as charge backs, fees, refunds, etc.
  • Growing credit card transaction volumes
  • Difficult or no exception identification and resolution
  • New card providers or changes with existing providers
  • Difficult collaboration due to transaction complexity
  • Low/no visibility into reconciliation activity when reconciliation cannot be conducted in a timely manner
  • Inability to intelligently report on credit card reconciliation activity

ReconArt Customers

Here are some of our customers who leverage ReconArt to support their reconciliation and close processes.

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