Automated Bank and Credit Card Reconciliation

Jared Fisher03 Oct 20231 min

Exciting News — We Just Launched our Automated Reconciliation Tool!

We understand that reconciling accounts receivable with bank transaction data has always been a cumbersome, manual process. That’s why we’re thrilled to introduce Kolleno’s latest innovation—our Automated Reconciliation Tool.

How does seamless reconciliation work?  

With our new tool, you can now automate the tedious reconciliation process, right from invoice issuance to payment matching. Our integration with Open Banking API leverages your bank feed data, and our advanced scoring mechanism suggests invoice matches for each bank transaction, both pay in and pay out invoices.

User-Centric Features:

• Match Confidence Score: Gain transparency with our match scoring system

• Suggested Matches: Speed up the process with our intelligent suggestions.

• Adjustments: Easily account for bank fees, Forex charges, and interests.

• Currency allocations: Auto Reconcile each currency and payment provider separately to get granular information.

Why is automated reconciliation a game-changer? 

Automated reconciliation not only saves you valuable time but also significantly reduces errors, providing you with a streamlined and error-free way to track your progress.

No more having to reconcile 100s of individual Stripe or GoCardless transactions to a single payout from the payment service providers, we will handle it for you. Including the relevant processing fees such as card payment fees, forex etc.

What is new?

• New UI for Reconciliation: We’ve revamped the interface for an improved user experience.

• Reconciliation Suggestions: Our new feature provides suggestions based on defined matching rules, reducing your workload while giving you the ultimate say.

• Auto Reconciliation: Automatically match bank transactions for each invoice from customer paying in to the payment service provider payout.

• User-Defined Matching Rules: Customise your own matching rules for an even more tailored experience.

Get Started Now

To learn how to use the feature, you can delve into the insightful tutorial above by Jared Fisher CA(SA), our Head of Product.

Are you ready to transform the way you handle accounts receivable? The future of reconciliation is just a click away!