Enterprise Performance Management (EPM) Transaction Matching Review, Best Practices, and Implementation Tips & Tricks
Tim Gaumont presented on this topic at Kscope23. Download his full presentation to learn more!
What is Transaction Matching?
- A feature that facilitates preparation of reconciliations
- Comparing transactions between two data sources to see which transactions are outstanding
- Netting transactions within a single data source to determine the “net balance” of the account
- The overall objective is to produce a reconciliation, the format of which is dependent on the nature of the account/matching
What are the “5 Golden Balancing Rules”?
When comparing the Accounting Date of transactions to the period-end date, each transaction or match set will fall into only 1 of 5 buckets:
- Unmatched – On or Before
- Unmatched – After
- Matched – All On or Before
- Matched – All After
- Matched – Both Before and After
For help on this topic, review Using the Reconciliation Balancing Report.
Transaction Matching Go Live Planning
There are 2 common go live plans you can follow:
1. The “Clean Start”
- Need the full list of unmatched/in-transit from the last month of the previous process
- Load that in as your starting point
- I prefer this is the best practice, since the period-end recon is “in balance” from day 1
2. The “Running Start”
- Just starting loading data that applies to day 1* of the go live period
- * if one source is always later then the other you could consider not loading the “later” source day 1
- For example “GL to Bank” go live 01-Sep-2022 then you might skip loading bank for 01-Sep
- You will have to “adjust” the transactions that would have cleared against the prior transactions
- All of this needs to be completed and cleaned up before the first period-end recon is performed
Download a copy of Tim Gaumont’s full presentation for more detailed information!