Credit Card Reconciliation Model

Description
Generally for any reconciliation, Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Account reconciliation also confirms that accounts in the general ledger are consistent, accurate, and complete.

Account reconciliation is particularly useful for explaining the difference between two financial records or account balances. Some differences may be acceptable because of the timing of payments and deposits. Unexplained or mysterious discrepancies, however, may warn of fraud or cooking the books. Businesses and individuals may reconcile their records daily, monthly, or annually.



The issues previously were:



1. The bank selected while executing transaction and from the bank amount actually received found to be different.



2. Any cash transaction found to be received from Bank



And there were numerous errors which this model has countered and addressed with 0% human intervention. I have made a reconciliation model for a retail giant in Pakistan, where reconciliation of sales from Credit Card gets reconciled in just less than 2 mins, which is per branch.



It has allowed the Company to know the accurate amount of money receivable from bank at any point of time where the transaction is unpaid. It's a combination of processes where transaction first reconciled through unique number, if available or else reconciled through model based unique generation code which ensure 99.99% accuracy of the reconciliation.