In this article you will learn about the Automatch functionality including:
- Automatch Overview
- Automatch triggered by Automatch button
- Automatch triggered by data Feed
- Linked Transaction Id
The Automatch functionality will automatically locate and match transactions found in the Match Transactions screen of the same amount and within a selected date range that go in opposite directions.
It is triggered via either the Automatch button in the Match Transaction screen or automatically triggered by the data feed each night. The tolerance and types of transactions it will match depend on how the Automatch functionality was triggered.
Automatch Triggered by Automatch button
Navigate to Fund Level > Match Transactions > Automatch
- Click the Automatch button
- Select a day to narrow the match criteria or leave as default
Search Days Action Auto (Default) All matches within the 0-7 day date range will be displayed 0 All matches where the cash transaction and business event are on the same date will be displayed 1-7 All matches where the cash transaction and business event fall within the number of days selected will be displayed. e.g. if "1" then it will show those within one day of each other
- Click Run Automatch
- All suggested matches that can be found will then be displayed in the Confirm Automated Transactions screen.
- If you wish to proceed with the suggested matches then click Save Suggested Matches. If you do not want to proceed, click Cancel or untick the transactions you do not want to match.
The following types of transaction can be matched by the Automatch button:
- Cash Transactions to Business Events (e.g. interest to cash transaction)
- Cash Transactions to Cash Transactions(e.g. transfer between two bank accounts)
- Business Events to another Business Events (e.g. personal contribution against fund expense).
Below will not work for the Automatch button function :
- The date range of the transactions exceeds 7 days.
- The amount of the transactions have a variance of greater than +/- 50 cents
- The Automatch will not match transactions which would potentially be matched to more than one other transaction. e.g. two deposits for the same amount on the same day will not be matched.
- Business transactions that have a status of Incomplete are greyed out and cannot be matched.
Automatch triggered by data Feed
Class runs batch processing overnight and matches Cash to Business Events in the following sequence:
- Fit to Date - transaction within the date tolerance
- Fit To Tax - transaction within the withholding tax range of 15% or 30%
- Fit to Cash - transaction within the Cash tolerance
- Linked Transaction Id - transaction with matching Transaction Id
The date and the amount are configurable via the Business Level Settings. Details can be found on the Feed Automatch Tolerance user guide page. This does not apply to Linked Transaction Id.
Automatch does not apply to events that have been manually created and/or manually amended.
Linked Transaction Id
Where a Platform/Wrap provider has provided Class with Transaction IDs for transactions in the data feed, Class will use these IDs to assist with the matching process. This allows Transaction outside the normal tolerance amount and date to be accurately matched.
- Linked Transaction Id is the last sequence in the Automatch via Data Feed and if none of the transactions are matched by Fit to Date, Tax or Cash the Automatch logic will continue to by comparing the Linked Transaction Id
- It will only match Cash to Business Events
- It will only match one to one transaction
- Both transactions should have the same directions (Both Credits e.g. Cash In and Income or both Debits e.g. Cash Out and Share Purchase)
- The date and amount tolerance setting is not considered when matching transactions if the Transaction ID match
Example: Data feed creates Distribution Event for $150 on 30/06/2023 and 14 days later
Distribution Cash for $150 on 14/06/2023. As long as there is a Linked Transaction Id in Cash transaction referring to the Transaction Id of Distribution Event then it will be matched.
- The checking on eligible Linked Transaction is that one of the transactions in the potential match should be Cash/Bank Statement and the other transaction (business event) should be as below;
- Managed Fund Distribution
- Ordinary Share Dividend
- Bank Interest
- Foreign Income
- Term Deposit Purchase
- Term Deposit Redemption
- Managed Fund Purchase
- Ordinary Share Purchase
- Managed Fund Sale
- Ordinary Share Sale
- Managed Fund Distribution
The Linked Transaction Id logic is currently enabled for HUB24 and Netwealth data feed.
Learn how to manually match by using the Fit to Date feature