Automatic reconciliation can be very efficient, especially when dealing with significant numbers of payments.
However, caution is needed here. Because automatically linking many payments incorrectly actually creates additional work. While with a more conservative approach, you miss out on efficiency. With Abillity®, you can find and maintain the balance by intelligently configuring your reconciliation strategy.
In Abillity®, you have numerous possibilities for establishing the reconciliation rules you want to apply.
You have complete freedom to indicate how the correct debtor is found. And you can specify how the reconciliation is applied. With possible additional filters at debtor, invoice, and bank account levels.
Each template has its own priority with which you determine the order – from very strict rules to looser definitions. This way you guide the reconciliation process.
By configuring these templates, Abillity® automatically applies the reconciliation along those rules and thus performs a large part of the work.
In the automatic reconciliation template, you indicate how you want to handle small payment differences. You set parameters for this: these can be absolute values or percentages. And as soon as the automatic reconciliation process starts, a write-off is immediately applied if the payment difference falls within these margins.
And in case of overpayment? This works the same way. Abillity® addresses the overpayment and applies a surcharge to an invoice. You can then save the overpaid amount for a future invoice, but immediate payout is of course also possible.
You can easily create reconciliation templates yourself. You simply do this by placing the various configured reconciliation rules in the correct order. Then you choose between automatic or manual processing and voilà: your template is ready. You can also choose to apply a template to a specific bank account.
For each template, you indicate whether you want to apply it directly – as part of reading a daily statement – or ad hoc. This way you determine what best suits your working method.
During the execution of the reconciliation process, Abillity® maintains an ‘audit trail’. This means you always have insight into the logic used and can trace why certain connections between customer, invoice, and payment were made. And of course, Abillity® also makes this visible at invoice level.
This way you can always explain how and why certain reconciliation results came about. And moreover, you have immediate insight into the effectiveness of your automatic reconciliation configuration. The latter helps you to implement any adjustments and thus further refine the process.
Are you curious whether our platform is suitable for your organisation?
We’d love to have a conversation with you!
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