Infusion will first look for a processed transaction that matches the date and value of the statement transaction. You will see this as the top suggestion.
Why the top suggestion is useful
This is useful when you have customer payments coming in with remittances that need to be carefully allocated. They can be processed before the bank reconciliation is completed. Direct credits and bank deposits will also be processed prior to reconciliation. Take care when posting these transactions to make sure the date matches the bank transaction.
You'll see that matches or suggestions for already processed transactions will allow you to "Reconcile" instead of "Post and Reconcile". This is because the transaction is already posted in Infusion and you are now just reconciling the transaction against the imported bank transaction.
What happens next
After this, a global search identifies other possible matches within customers and suppliers (including invoice and order numbers) and GL codes. Infusion will assess these matches as either “strong” or “weak” suggestions. If there is only one suggestion found, it will show as a match and it can be immediately posted and reconciled. Weak suggestions (such as matching only on the value) are hidden unless there are no strong suggestions.
Text that is excluded
Certain common phrases and keywords are removed from the statement transaction details before the search begins. This sharpens the search function. These phrases and keywords are:
| Bill Payment | Transfer Credit Transfer | Annual Fee |
| Loan Payment | Transfer Debit Transfer | Deposit |
| Direct Credit | Bank Fee | Unpaid Term Dishonour |
| Direct Debit | Overdraft Management Fee | & / and |
| Visa Purchase | Payment | Credit |
| EFTPOS | Service Subscription | Debit |
| Automatic Payment | Foreign Currency Fee | Limited |
| Debit Interest | Internet Transfer | Ltd |
How to improve Infusion's suggestions
- We strongly recommend creating 5-digit (or longer) customer account numbers. This ensures that the match is strong when your customer pays you using their account number as a reference.
- If you are getting a suggestion that is incorrect, it might be possible to slightly edit account names so they are no longer passed over as a suggestion. Conversely, you might change a GL account name to match an imported statement transaction to ensure a good match.
- Ensure your customer, supplier, and GL accounts are well managed and up-to-date. If there is a customer account suggested that is no longer in use, make the account inactive to remove it from possible suggestions.
Continual improvement
Every company has different data. If you discover that something is not matching as you think it should, send us an email at support@infusionsoftware.co.nz and we’ll find a solution for you.
