Q1. What is a Magic match in Bank reconciliation?
Magic Match automatically finds matching transactions or payments in Jaz when you upload your bank statements.
A banner with this information will be displayed for each bank account with uploaded statements.
If there are no magic match suggestions, you can manually reconcile the statements. Refer: Different ways statements can be reconciled.
Q2. How does Jaz determine which transactions will potentially reconcile with a statement line?
Jaz uses specific criteria to match transactions with statement lines:
With Contact (Payer/Payee): Jaz looks for transactions within 30 days before the statement line date where the contact and amount match.
Without Contact (Payer/Payee): Jaz looks for transactions within 30 days before the statement line date where any contact and the amount match.
Payment (Cash-Out/Cash-In Entries): Jaz also matches these entries against statement lines with the same bank account if the transaction date is within 3 days before the statement line date.
Q3. I see the same transaction matched with more than one statement line. What happens if I reconcile both?
Jaz shows potential matches with statement lines, but if one transaction is matched with multiple statement lines, reconciling will not allow both to reconcile with the same transaction. Instead, you will see a partial success banner and only the first statement line in the list will be reconciled.
Q4. I see records with the same date and amount as the statement line, but I don't see them matched.
The only reason a record with the same date and amount as the statement line is not matched is that the contacts do not match.
Q5. How many matches does Jaz return per statement line?
There is no limit to the number of matches that can be returned.
Jaz matches all transactions that meet the following conditions:
Date
Amount
Contact
This includes transactions such as:
Invoices
Bills
Customer credit notes
Supplier credit notes
Journals
Invoice payments
Bill payments
Customer credit refunds
Supplier credit refunds
Cash-in
Cash-out
Cash transfer records
Q6. My statement line is matched with a transaction, but aren't statement lines reconciled with payments?
Yes, statement lines are always reconciled with payment records.
When using Magic Match, which recommends a transaction match, Jaz creates a payment in the background and reconciles that payment instead of the transaction itself.
Q7. If I do not agree with the magic match suggestions by Jaz, is there any other way I can reconcile my statement?
Yes, absolutely! You can manually reconcile each statement line. To know more refer: Reconciliations Overview