Transaction Matching
Transaction Matching in CCH Tagetik is a process used to reconcile and match financial transactions between different sources, typically between the general ledger and other sub-ledgers or data sources.
The CCH Tagetik Transaction Matching tool involves comparing data from different systems or modules to ensure consistency and accuracy in financial reporting.
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Common Challenges
Transaction Matching can be a complex and challenging process, especially in scenarios involving large volumes of data and different data sources. Some common transaction matching challenges include:
Data quality and consistency
Transaction data may come from various sources and may be recorded differently, leading to variations in formats, codes, or partial information. This can make it difficult to accurately match transactions.
Large transaction volumes
High transaction volumes can slow down the matching process, and it becomes challenging to handle the sheer volume of data effectively.
Time sensitivity
Some transactions require real-time matching, such as in financial trading or fraud detection. The challenge lies in processing transactions quickly enough to prevent errors or potential fraud.
Duplicates and redundancies
Duplicate or redundant entries in transaction data can create confusion during the matching process, leading to inaccurate results.
Missing or incomplete information
Transactions may have missing or incomplete data fields, making it hard to find suitable matches based on incomplete information.
Complex matching rules
Depending on the context, matching rules can be intricate and difficult to formulate, particularly when dealing with multi-dimensional data.
Currency and unit conversions
Transactions may be recorded in different currencies or units, requiring appropriate conversions before matching.
Cross-referencing multiple data sources
In some cases, transactions need to be matched across multiple databases or systems, which poses a challenge in maintaining data integrity and consistency.
Handling updates and corrections
Transaction data can be updated or corrected retrospectively, which may require re-matching and reconciliation.
Scalability
As the volume of data and the complexity of matching rules increase, the system’s performance and scalability become vital challenges to address.
Privacy and security concerns
Some transactions may contain sensitive information that needs to be protected, raising additional challenges in terms of data access and handling.
Parallel processing
To achieve faster transaction matching, parallel processing techniques may be required, introducing the challenge of managing parallel threads effectively.
Features & Benefits of CCH Tagetik Transaction Matching
Automated Matching
CCH Tagetik may have algorithms and rules to automatically match transactions based on predefined criteria, reducing the need for manual intervention and saving time during the reconciliation process.
Flexible Matching Criteria
The system allows you to define matching criteria based on transaction attributes such as amount, date, reference numbers, account codes, etc. This flexibility ensures that you can tailor the matching process to suit your specific business needs.
Manual Matching
In cases where automatic matching is not possible, finance professionals can manually review and match transactions, ensuring comprehensive reconciliation.
Multiple Data Source Support
CCH Tagetik can handle data from various sources, including general ledgers, bank statements, accounts payable, accounts receivable, and more, allowing you to reconcile transactions from different systems in one centralised platform.
Reconciliation Reports
The system generates detailed reconciliation reports and dashboards, providing insights into the status of the matching process and facilitating a clear view of reconciled and unreconciled transactions.
Exception Management
The software likely includes functionalities for handling exceptions, such as unmatched or partially matched transactions, allowing users to investigate and resolve discrepancies efficiently.
Audit Trail
CCH Tagetik may maintain an audit trail of all the actions performed during the matching process, ensuring transparency and compliance with financial regulations.
Workflow and Approval
The system might support workflow and approval processes to ensure proper authorisation and validation of matched transactions.
Integration with Other Modules
CCH Tagetik’s transaction matching module may integrate seamlessly with other financial performance management modules, such as financial consolidation, planning, and reporting, enabling a comprehensive and holistic approach to financial management.
Why choose HAYNE Solutions?
HAYNE are trusted UK CCH® Tagetik Partners with a proven ability in delivering best-in-class solutions
We are your Partner
Our reputation is well-known for our dedication and expertise in delivering best-in-class Enterprise Financial & CPM Solutions – from implementation and licence management to upgrades, training, maintenance and support.
The combination of the HAYNE focus and the strength of CCH® Tagetik delivers results for our clients time and time again. We are certified CCH® Tagetik Developers and can support you with the planning, training and implementation of your CCH Tagetik solution.