System and method for reconciling one or more financial transactions

1. A method comprising:

creating, by a computer-based journal entry system, journal entries of transaction data based upon predefined journal entry criteria;

executing, by the computer-based system, the predefined journal entry criteria;

distinguishing, by the computer-based system, the transaction data as closed transaction data in response to the predefined journal entry criteria being executed; and

archiving, by the computer-based system, the closed transaction data.

2. The method of claim 1 , further comprising generating and testing, by the computer-based system, a data logic based on a plurality of desired fields, wherein the data logic comprises at least one of: an algorithm and a computer code.

3. The method of claim 1 , further comprising extracting, by the computer-based system and based upon data logic and validations, the transaction data from financial transactions, wherein the transaction data comprises a subset of the financial transactions.

4. The method of claim 1 , further comprising transforming, by the computer-based system, the transaction data to a predefined format.

5. The method of claim 1 , further comprising capturing, by the computer-based system, the transaction data in a reusable import template, wherein the reusable import template is created based up the transaction data.

6. The method of claim 1 , further comprising auto-matching, by the computer-based system, the transaction data to master data to within a specified tolerance limit.

7. The method of claim 1 , further comprising performing, by the computer-based system, research and clearance of the transaction data.

8. The method of claim 1 , further comprising auto-matching, by the computer-based system, the transaction data to master data to within a specified tolerance limit by using one or more auto-match logics, the one or more auto-match logics comprising permutations of one or more arithmetic algorithms, the auto-matching providing open transaction data and being performed using a second set of validations.

9. The method of claim 1 , further comprising:

generating, by the computer-based system, one or more reports on auto-matched transaction data; and

providing, by the computer-based system, user privileges according to a first predefined criterion, the user privileges for controlling capturing, the auto-matching, and generation of the one or more reports.

10. The method of claim 1 , further comprising:

generating, by the computer-based system, a data logic based upon a plurality of desired fields;

testing, by the computer-based system, the data logic; and

scheduling, by the computer-based system, the data logic, the scheduling enabling automatic execution of the data logic according to a second predefined criterion.

11. The method of claim 1 , further comprising scheduling, by the computer-based system, at auto-match logics, the scheduling enabling automatic execution of at least one of the auto-match logics according to a third predefined criterion.

12. The method of claim 1 , further comprising performing, by the computer-based system, audit trails on at least one of captured transaction data, master data, auto-matched transaction data and reports.

13. The method of claim 1 , further comprising auto-matching, by the computer-based system, the transaction data to master data, wherein the auto-matching is a tolerance auto-matching, the tolerance auto-matching comprising a predefined tolerance limit.

14. The method of claim 1 , further comprising providing, by the computer-based system, views, the views for reviewing captured transaction data, uncaptured transaction data, auto-matched transaction data and reports.

15. The method of claim 1 , further comprising auto-matching, by the computer-based system, the transaction data to master data, wherein the auto-matching further comprises splitting captured transaction data, the splitting being performed using auto-match logics.

16. A system comprising:

a processor;

a tangible, non-transitory memory configured to communicate with the processor,

the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations comprising:

creating, by the processor, journal entries of transaction data based upon predefined journal entry criteria;

executing, by the processor, the predefined journal entry criteria;

distinguishing, by the processor, the transaction data as closed transaction data in response to the predefined journal entry criteria being executed; and

archiving, by the processor, the closed transaction data.

17. The system of claim 16 , further comprising generating and testing, by the processor, a data logic based on a plurality of desired fields, wherein the data logic comprises at least one of: an algorithm and a computer code.

18. The system of claim 16 , further comprising extracting, by the processor and based upon data logic and validations, the transaction data from financial transactions, wherein the transaction data comprises a subset of the financial transactions.

19. The system of claim 16 , further comprising capturing, by the processor, the transaction data in a reusable import template, wherein the reusable import template is created based up the transaction data.

20. An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a computer-based journal entry system, cause the computer-based system to perform operations comprising:

creating, by the computer-based system, journal entries of transaction data based upon predefined journal entry criteria;

executing, by the computer-based system, the predefined journal entry criteria;

distinguishing, by the computer-based system, the transaction data as closed transaction data in response to the predefined journal entry criteria being executed; and

archiving, by the computer-based system, the closed transaction data.