SYSTEM AND METHOD FOR AUTOMATED RECONCILIATION OF PURCHASE ORDERS
A system and method for reconciling transaction data, including identifying one or more transactions to be reconciled; aggregating one or more potential matching purchase orders; and creating a proposal that identifies one or more purchase orders that may correlate to the transaction to be reconciled, wherein creating a proposal comprises performing one or more search iterations to identify one or more purchase orders that fit within one or more parameters of the search iterations.
1 . A method for reconciling transaction data, comprising:
identifying one or more transactions to be reconciled;
aggregating one or more potential matching purchase orders; and
creating a proposal that identifies one or more purchase orders that likely correlate to the transaction to be reconciled;
wherein creating a proposal comprises performing one or more search iterations to identify one or more purchase orders that fit within one or more parameters of the search iterations.
2 . The method of claim 1 , wherein the one or more parameters include at least one of city comparisons, card number comparisons, merchant to vendor relationship comparisons, date comparisons, or amount comparisons.
3 . The method of claim 1 , wherein each subsequent search iteration has broader parameters than a previous search iteration and a resulting list of one or more purchase orders are ranked in order from most narrow search parameters to most broad search parameters.
4 . The method of claim 1 , further comprising automatically reconciling the transaction data if only one purchase order meets the one or more parameters.
5 . A computer program embodied on a computer-usable medium, the medium having stored thereon a sequence of instructions, when executed by a processor, causes the processor to execute a method for reconciling transaction data, comprising:
identifying one or more transactions to be reconciled;
aggregating one or more potential matching purchase orders; and
creating a proposal that identifies one or more purchase orders that may correlate to the transaction to be reconciled;
wherein creating a proposal comprises performing one or more search iterations to identify one or more purchase orders that fit within one or more parameters of the search iterations.
6 . The method of claim 5 , wherein the one or more parameters include at least one of city comparisons, card number comparisons, merchant to vendor relationship comparisons, date comparisons, or amount comparisons.
7 . The method of claim 5 , wherein each subsequent search iteration has broader parameters than a previous search iteration and a resulting list of purchase orders are ranked in order from most narrow search parameters to most broad search parameters.
8 . The method of claim 5 , further comprising automatically reconciling the transaction data if only one purchase order meets the one or more parameters.
9 . A system for reconciling transaction data, comprising:
a transaction identification module in communication with a database and configured to identify one or more transactions to be reconciled;
a purchase order aggregation module in communication with a database and configured to aggregate one or more potential matching purchase orders; and
a proposal module in communication with a database and configured to create a proposal that identifies one or more purchase orders that may correlate to the transaction to be reconciled;
wherein creating a proposal comprises performing one or more search iterations to identify one or more purchase orders that fit within one or more parameters of the search iterations.
10 . The system of claim 9 , wherein the one or more parameters include at least one of city comparisons, card number comparisons, merchant to vendor relationship comparisons, date comparisons, or amount comparisons.
11 . The system of claim 9 , wherein each subsequent search iteration has broader parameters than a previous search iteration and a resulting list of purchase orders are ranked in order from most narrow search parameters to most broad search parameters.
12 . The system of claim 9 , further comprising automatically reconciling the transaction data if only one purchase order meets the one or more parameters.
13 . A system for reconciling transaction data, comprising:
identifying means for identifying one or more transactions to be reconciled;
aggregating means for aggregating one or more potential matching purchase orders; and
creating means for creating a proposal that identifies one or more purchase orders that may correlate to the transaction to be reconciled;
wherein creating a proposal comprises performing one or more search iterations to identify one or more purchase orders that fit within one or more parameters of the search iterations.
14 . The system of claim 13 , wherein the one or more parameters include at least one of city comparisons, card number comparisons, merchant to vendor relationship comparisons, date comparisons, or amount comparisons.
15 . The method of claim 13 , wherein each subsequent search iteration has broader parameters than a previous search iteration and a resulting list of purchase orders are ranked in order from most narrow search parameters to most broad search parameters.
16 . The method of claim 13 , further comprising automatic means for automatically reconciling the transaction data if only one purchase order meets the one or more parameters.