At the heart of exception handling is the Unmatched Records Report (below).
How does Bank Rec know why the record didn't match?
As the system goes through the matching rules, if a record remains unmatched - the system tests to see if it meets an exception.
For example, in the above example - check 47238 cleared the bank for $11,511.36. Our internal records did have a check 47238, but it was for a different amount. While the records of course were not matched, we didn't simply stop there. We noted an exception in each record that the amounts were different (see above bank reconciliation exception form).
We perform similar tests for each matching rule.
Unmatched records are 'rolled forward' to each subsequent period until resolved.
You can resolve unmatched (open) items at the manual matching screen. This is where you can 'clean up' issues, whether they are simply matching non-standard matches or resolving more complex items.
While we've been talking about our open/unmatched items - how do you review and manage your matched items?
When records are marked as matched - whether by our automated process - or by a manual match - the records are marked in an audit group number. That way, you can always tell what records were matched to which records in our bank reconciliation forms and reports.