Q1. What is a Magic match in Bank reconciliation?
Magic Match automatically pairs your bank statement lines with corresponding records in Jaz. It simplifies the reconciliation process, making it faster and more accurate regardless of your accounting experience.
You will see a notification banner whenever Magic Match finds potential pairings. If Jaz doesn't find a match, you can manually reconcile the entry.
Q2. How does Jaz determine which transactions will potentially reconcile with a statement line?
Jaz uses Magic Match which aims to save you time in reconciliations. It looks beyond dates and amounts, using layered search logic to suggest the most accurate records for your reconcilation:
Payment Recognition: Magic Match detects internal records, such as bill payments, customer refunds, or manual journal entries, that correspond to your bank activity.
Multidimensional Matching: Magic Match goes beyond amounts and includes contact names, reference numbers, and descriptions in order to find transactions to match a statement line with high confidence.
Date Windows: Magic Match identifies your typical payment patterns to suggest matches that occurred within a logical timeframe of your statement line.
Currency Conversion: For cross-currency matching, Magic Match identifies transactions even when the currency of your invoice is different from the currency of your bank account.
Group Matching: If a single bank entry represents multiple invoices or bills (such as a bulk deposit), Jaz can identify and suggest the specific combination of records that add up to that total.
Note: Although Magic Match provides you with high confidence of reconciliation, always make sure to double check.
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